PRECIOUS METALS: Spot Gold Up; Seen Volatile As Payrolls Loom
Spot gold is higher in Europe Friday, regaining some ground after the previous session’s losses, but trading cautiously ahead of key U.S. employment data later in the global day.
At 0949 GMT, spot gold was 0.3% higher at $1,594.12 a troy ounce. The yellow metal fell almost 2% peak-to-trough Thursday after European Central Bank President Mario Draghi failed to signal imminent stimulus measures at a monthly news conference. Since gold is often sought as a hedge against currency weakness and inflation at times of heightened liquidity, economic stimulus tends to benefit prices.
All eyes are on the U.S. Friday, where monthly nonfarm payroll data are due for release at 1230 GMT.