Traders hedged their bets ahead of US jobs report
Bullion prices ended the U.S. day session steady to slightly lower on Thursday, 04 December 2014 as traders hedged their bets ahead of a jobs report that could dull the precious metal's shine as a safe haven.
Gold for February delivery was down $4.80, or 0.4%, to $1,202.90 an ounce in electronic trade.
March silver lost 18 cents, or 1.1%, to $16.39 an ounce.
Gold prices pushed to their daily highs on Thursday morning, in the immediate aftermath of dovish comments from European Central Bank president Mario Draghi, during his monthly press conference following the ECB monthly meeting. The Euro currency rallied and the U.S. dollar index sold off on Draghi's remarks, which was bullish for the gold market. However, gold prices quickly backed down to trade modestly lower, and where they were before the Draghi press conference began. The European Central Bank held interest rates steady at its monthly meeting on Thursday, as most expected. Draghi indicated Thursday the ECB will make its move in the first quarter of 2015.
The Bank of England Thursday kept its monetary policy steady, as expected, at its regular monthly meeting. The BOE mentioned the very low inflationary environment in Europe as reason for not raising rates.
Also Read
Traders and investors are awaiting what is arguably the most important U.S. economic data point of the month: Friday's employment situation report from the U.S. Labor Department. The key non-farm payrolls figure is expected to rise by around 230,000 in November. Any non-farms number that is significantly out of line with expectations will likely at least temporarily rattle the markets.
Powered by Capital Market - Live News