Gold fluctuates near 3-1/2-month minimum
On Thursday, gold prices kept struggling close to the lowest value for almost four months during European session, as traders looked ahead to data on American nonfarm payrolls on Friday for new clues on the probability of a December rate lift.
December delivery gold futures dived 0.09%, trading at $1,267.40 per troy ounce.
The consensus forecast is that in September the data will demonstrate jobs growth of about 175,000 , following a surge of 151,000 in August. As for the unemployment rate, it’s forecast to stand still at 4.9%, while average hourly earnings are supposed to soar 0.2% having gained 0.1% a month earlier.
An upbeat nonfarm payrolls report would strengthen the view that an American rate lift in December might be on the cards, after hawkish clues from senior Fed officials in recent weeks spurred speculation of a rate lift before the end of the year.
The US dollar index, traded at 96.25 early Thursday, which is not far from a two-month high of 96.38.