Gold futures moved lower in European trade Friday as profit takers hit
the yellow metal while investors anticipate crucial numbers from the
U.S. economy later in the session.
On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at USD1793.75 a troy ounce slipping 0.15%.
It earlier traded at a session high USD1798.05 a troy ounce. Gold was likely to find support at USD1765.75 and resistance at USD1798.05.
Gold prices advanced Thursday, after ECB President Mario Draghi reiterated that the central bank was ready to start purchasing the debt of troubled euro zone states.
Speaking at the ECB’s post-policy meeting press conference earlier in the day, Draghi said the central bank was ready to undertake Outright Monetary Transactions when the prerequisites are in place.
Draghi reiterated that the central bank was acting strictly within its mandate in undertaking a bond buying program via OMT’s.
The ECB left rates on hold at a record low 0.75% earlier, in a widely anticipated decision.
Meanwhile, the minutes of the Federal Reserve's September policy meeting showed that the central bank is moving toward linking its outlook for near-zero interest rates to specific economic conditions such as a decline in the unemployment rate.
On Thursday, the Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week rose to 367,000, compared to expectations for an increase of 7,000 to 370,000.
Investors were eyeing the release of key U.S. jobs data, including the nonfarm payrolls for September, later in the session.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.04% to trade at USD79.46.
Elsewhere on the Comex, Silver for December delivery dropped 0.16% to trade at USD35.995 a troy ounce while Copper for December delivery gave back 0.08% to trade at USD3.783 a pound.
On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at USD1793.75 a troy ounce slipping 0.15%.
It earlier traded at a session high USD1798.05 a troy ounce. Gold was likely to find support at USD1765.75 and resistance at USD1798.05.
Gold prices advanced Thursday, after ECB President Mario Draghi reiterated that the central bank was ready to start purchasing the debt of troubled euro zone states.
Speaking at the ECB’s post-policy meeting press conference earlier in the day, Draghi said the central bank was ready to undertake Outright Monetary Transactions when the prerequisites are in place.
Draghi reiterated that the central bank was acting strictly within its mandate in undertaking a bond buying program via OMT’s.
The ECB left rates on hold at a record low 0.75% earlier, in a widely anticipated decision.
Meanwhile, the minutes of the Federal Reserve's September policy meeting showed that the central bank is moving toward linking its outlook for near-zero interest rates to specific economic conditions such as a decline in the unemployment rate.
On Thursday, the Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week rose to 367,000, compared to expectations for an increase of 7,000 to 370,000.
Investors were eyeing the release of key U.S. jobs data, including the nonfarm payrolls for September, later in the session.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.04% to trade at USD79.46.
Elsewhere on the Comex, Silver for December delivery dropped 0.16% to trade at USD35.995 a troy ounce while Copper for December delivery gave back 0.08% to trade at USD3.783 a pound.
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