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Gold down ahead of tomorrow's key US unemployment figures

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Gold fell nearly US$6 ahead of tomorrow’s key non-farm payrolls announcement, as markets shut down ahead of the long Easter weekend.

Expectation is that the number will show a fall to 243,000 after the ADP employment figure on Wednesday fell to 189,000 from 214,000.

The number is linked to the state of the economy and a poor result could delay the expected Fed interest rate rise even further than has already been hinted.

Keeping rates at low levels will reduce any opportunity cost associated with keeping funds in gold, which does not earn interest, instead of in a bond.

Looking ahead longer term, analysts at Commerzbank are optimistic.

It said: “As far as the longer term price performance is concerned, the market participants we surveyed are convinced that precious metal prices will climb “ 

It forecasts gold price to be lower in the middle of this year before rebounding towards the end. 

Today gold was down to US$1,197 having stayed relatively flat before US equity markets opened bullishly.

Elsewhere silver fell to US$16.72 while platinum shed US$11.56 to US$1,153.

Market Movers

Randgold Resources down 11p to 4,790p
Fresnillo down 8.5p to 691p
Anglo American down 1.9% to 997p

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