Spot gold prices are trading marginally higher Friday after posting some modest gains during the previous session. Spot gold ended Thursday’s session $5.95 higher at $1699.90/oz, but the precious metal remains set to be heading for its second consecutive week of declines. Spot gold prices have been tied to a narrow range so far this morning ahead of this afternoon’s US employment report, expected at 1330GMT, with expectations for a sharp drop in job growth for November after superstorm Sandy disrupted economic activity. The unemployment rate is seen holding steady at 7.9%. Spot gold prices have edged their way higher for much of the session this morning in quiet trade, advancing from a low of $1699.20/oz to an intra-day high of $1703.95 and now trade at $1703.30/oz, up $3.40 on the session.
EasyForexNews Research Team