Gold – Gold Remains Within Reach of 1-Month Low

Non-Farm Payrolls Set to Create Major Market Volatility Today

The euro fell against several of its main currency rivals yesterday, after EU growth forecasts were lowered and speculations came about that the ECB was considering a cut in euro-zone interest rates. The news also weighed down on the price of crude oil, which fell more than $1 during mid-day trading. Today, all eyes will be on the US Non-Farm Employment Change, set to be released at 13:30 GMT. Analysts are predicting that hiring in the US decreased significantly in November. If true, it may be taken as a sign that the US economy is weakening, which could lead to dollar losses during afternoon trading.

Gold – Gold Remains Within Reach of 1-Month Low
After hitting a one-month low earlier in the week, gold prices saw little movement during European trading yesterday. A lack of progress in US budget negotiations combined with worries about a slowing down in the euro-zone economic recovery kept the precious metal around the $1695 an ounce level for most of the day.
Today, gold traders will want to pay attention to a speech from the ECB President, set to take place at 10:00 GMT. Should the speech signal a further slowing down in the euro-zone economy or hint at a future EU interest rate cut, the price of gold could take additional losses during mid-day trading.

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