Gold Prices Hover Near $1,235 Ahead Of U.S. Employment Data

SPDR Gold Trust (ETF) (NYSEARCA:GLD) prices traded range bound during early European hours as the market participants await the U.S. non-farm payrolls data today. Gold Futures for June delivery traded 0.03% down at $1,235.30. From the technical perspective, Gold Futures’ support level is at $1,225.60 and resistance at $1,245.

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Gold holds steady

A day earlier, the U.S. Department of Labor revealed that the jobless claims during the previous week rose 11,000 to 276,000 from 265,000 a week earlier. The data contradicted the projections that see jobless claims to hold steady at 265,000.

At the same time, fresh manufacturing purchasing managers’ index report published in China is keeping the momentum in the yellow metal limited. According to the official report, the PMI inched up to 50.2 in March versus 49 in February, which affirms that the Chinese economy is ticking up. Apart from this, the Caixin manufacturing PMI read 49.7 in March, down from 48 in February that failed to meet the expectations of 48.2.

Gold Fields’ CEO pay

Meanwhile, a Bloomberg report cited that Agus Projosasmito led consortium is in the process of raising a bid of $2 billion to acquire Newmont Mining Corp (NYSE:NEM)’s operations in Indonesia. The bid can be presented by as early as next week to take over nearly 80% of the Newmont’s state in the local operating company PT Newmont Nusa Tenggara.

On the other hand, reports underlined that the sharp fall in market value of Gold Fields Limited (ADR) (NYSE:GFI) did not deter it to pay its CEO Nick Holland handsomely. Holland received a 9% increment in his pay, which amounted $2.8 million in 2015. The pay increase came even as the company’s shares erased 19% of gains during the said period.

Research firm Raymond James has upgraded its outlook on Kinross Gold Corporation (USA) (NYSE:KGC), which received an ‘outperform’ rating from the firm. This rating is revised up from an earlier rating of ‘market perform.’

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