Kontak Perkasa - Bloomberg (22/10) -- Gold held losses
for a third day before U.S. employment data that may provide clues on
the timing of a reduction in stimulus by the Federal Reserve. Palladium
rose a fifth day, the longest rally in a month.
Bullion for immediate delivery traded
0.1 percent lower at $1,314.70 an ounce by 8:36 a.m. in Singapore, after
gaining 3.5 percent last week in the best showing in two months.
Palladium, the only metal that has advanced this year, climbed as much
as 0.4 percent to $752.35 an ounce, the highest since Aug. 27.
U.S. September jobs data will be
released today after being postponed because of a 16-day partial
government shutdown that started Oct. 1 as lawmakers clashed over
passing a budget and lifting the nation’s borrowing limit. The fiscal
strife in Washington will probably delay the central bank’s paring of
its monthly asset purchases, Fed Bank of Chicago President Charles
Evans, an advocate of monetary stimulus, said in a CNBC interview
yesterday.
“Bullion edges lower in lackluster
trading ahead of the U.S. nonfarm payrolls release,” Howard Wen, an
analyst at HSBC Securities (USA) Inc., wrote in a note. “The data will
likely hold implications to the near-term direction of bullion as a
disappointing jobs report may boost gold prices while a
better-than-expected report may be a drag on prices.”
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 8:35 AM
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