Gold steady as dollar softens ahead of US jobs data. For more information visit www.marketmagnify.com/freetrial.php & give missed call @ 78-79-88-11-22.
Gold was steady on Friday after falling to its lowest in over
two months the session before, with the dollar slipping as weak US
manufacturing data raised doubts on the economy's strength ahead of
closely-watched non farm payroll numbers.
"(The Federal Reserve head's)
comments from last week have put pressure on gold and we need to see the jobs data, which is likely going
to be really good," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
US factory activity contracted in
August for the first time in six months as new orders and production tumbled,
but a low level of layoffs continued to point to a pickup in economic growth in
the third quarter.
Spot gold was largely unchanged at $1,314 per ounce by 0414 GMT.
The metal on Thursday touched its lowest since June 24 at $1,301.91 and was on
track to end the week lower for the second straight week.
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