Gold prices drop, but losses seen limited

7 November, 2016

Gold prices dipped, though losses were expected to remain quite limited as markets were jittery ahead of an American jobs report due later in the day and the American presidential election next week.

In New York, December delivery gold futures dropped 0.29%, being worth $1,299.95.

The December contract concluded Thursday’s trading session 0.37% lower at $1,303.30 per ounce.

Futures were likely to gain support at $1,287.30,Thursday’s minimum and resistance at $1,307.00, Wednesday’s peak and a one-month high.

Market participants were looking ahead to the American nonfarm payrolls report due later in the day for further clues on the strength of the job market, after American payroll processing firm ADP posted that non-farm private employment surged less than expected the previous month.

Meanwhile, market participants remained quite cautious after the FBI told that it would scrutinize more Hillary Clinton's private emails. 


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