Investors Sidelined Ahead Of Jobs Report

Investors Sidelined Ahead Of Jobs Report

Investors Sidelined Ahead Of Jobs ReportLos Angeles CA, October 5 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Thursday as Gold dips with investors sidelined ahead of Jobs Report. Gold is down 0.18 percent to $1,272.30 an ounce after gaining $3.50 on Wednesday to close at $1,274.60 an ounce.

Silver is up 0.51 percent to $16.65 an ounce after easing $0.06 on Wednesday to close at $16.56. The Gold/Silver ratio rose to 76.97 as Gold outperformed Silver. Platinum is up 0.22 percent to $915.00 an ounce. Palladium is up 1.09 percent to $926.00 an ounce.

Gold edged slightly lower in early trading on Thursday as investors remain on the sidelines ahead of Friday’s Jobs Report. Global Geopolitical tensions continue to underpin Gold as we saw when Gold’s initial support level held at 1267 an ounce. “After we managed to find support at the key technical level of $1,268 this week, that attracted some renewed buyers into the market,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.  “Now the market is looking for data that can solidify the sentiment that the correction is over, but so far we haven’t really seen that. The Fed speakers later today and the job report tomorrow may give indications of whether the Fed wants to act or not in December.”

Catalonia Independence Vote

Meanwhile, the uncertainty surrounding the future of Catalonia is supporting the purchase of safe-haven Gold. “Gold is finding support from the conflict that is still brewing between Catalonia and Spain,” say analysts.

President Carles Puigdemont of Catalonia, will issue a statement on Monday that may include a declaration of Catalonia’s independence. “It is certainly conceivable that he will declare Catalonia’s independence. This would constitute a new level of escalation in the conflict with the central government in Madrid,” said Commerzbank.

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