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Home>Gold lower, heads for fourth-straight weekly loss

Gold lower, heads for fourth-straight weekly loss

Gold lower, heads for fourth-straight weekly loss

10/06/2017

By Rachel Koning Beals

Jobs report expected to reflect hurricanes impact, may add to uncertainty around rate hikes

Gold prices eased Friday, leaving the lead futures contract on track for a weekly loss, as investors awaited further clues on the Federal Reserve's plan for U.S. interest rates from the key payrolls report due for release at 8:30 a.m. Eastern.

Gold was poised for a weekly fall of around 1% after posting declines in each of the last three weeks.

December gold was recently off $1.10, or 0.1%, to $1,272.10 an ounce. The exchange-traded SPDR Gold Shares (GLD) was little changed in premarket action.

December silver , meanwhile, tried for a slim gain, last up less than 1 cent, or less than 0.1%, at $16.645 an ounce, while the silver ETF iShares Silver Trust (SLV) was up 0.2%.

Investors are eagerly anticipating Friday's jobs report, which is expected to show the clearest sign of the effect of Hurricanes Irma, Harvey and Maria on job creation for September. Average estimates of economists polled by MarketWatch are for a gain of 75,000, compared with twice that figure last month, with the unemployment rate expected to hold steady at 4.4%.

See: Hurricanes may make it look like U.S. 'lost' jobs for first time since 2010 (http://www.marketwatch.com/story/hurricanes-may-make-it-look-like-us-lost-jobs-for-the-first-time-since-2010-2017-10-01)

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