U.S. Markets open in 3 hrs 17 mins

Gold Prices Inch Up; All Eyes on U.S. Employment Data

Investing.com - Gold prices inched up on Friday in Asia as traders awaited the upcoming non-farm payroll data due later in the day.

U.S. gold futures for December delivery inched up 0.1% at $1,515.75 per ounce by 11:50 PM ET (03:50 GMT) on the Comex division of the New York Mercantile Exchange.

The gains were more modest than the past two sessions when U.S. private payrolls growth showed bleak growth for August and a closely watched manufacturing measure hit 10-year lows.

The gold market’s attention now will be on Friday’s all-important September U.S. jobs report, due at 8:30 AM ET (12:30 GMT) from the Labor Department.

“Tomorrow's jobs report will be key as a particularly weak print could to lock in the October cut and could also prompt a change in language about the prospect of future cuts,” TD Securities said in a note.

David Roche, president at Independent Strategy, told CNBC in an interview that he thinks the yellow metal could surge by about 30% to as high as $2,000 per ounce next year.

“What my gut says is that cause of the vilification of fiat currencies by central bankers, which is set to get worse - not better, people will look for an alternative currency,” Roche told CNBC on Thursday.

“Gold is a good alternative currency because it’s safe, and because it costs nothing to own it compared to paying negative rates on deposits,” Roche said.

Related Articles

Oil edges higher but on track for big weekly loss

U.S. Energy Secretary Perry expected to announce resignation next month: Politico

Oil Ends off Lows on Fed Rate Cut Hopes