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Gold surges with American jobs data in focus

On Friday, gold went up as market participants were still cautious ahead of the issue of a highly anticipated American employment news later this day.   

In New York, August delivery gold futures gained 0.17%, trading at $1,214.65.

The August contract closed Thursday’s trading session 0.17% lower, trading at $1,212.60 per ounce.

Futures were likely to gain support at $1,199.00, which is the minimum of May 31, simultaneously a three-month minimum and resistance at $1,223.20.

Traders were keeping an eye open on the issue of American nonfarm payrolls data later on Friday for further signals on the strength of the job market right after positive American employment data was issued on Thursday.

The US Department of Labor informed last week the overall number of people filing for initial jobless benefits dropped by 1,000 to 267,000. Financial experts had hoped jobless claims would soar by 2,000 to 270,000.

The report arose after payroll processing company ADP announced in May, non-farm private employment edged up by 173,000, just below hopes for a surge of 175,000, however improving from 166,000 in April.

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