Gold Modestly Up In Quieter Marketplace

Gold Prices are firmer in early U.S. trading Thursday, on some more short covering and bargain hunting in a calmer world markets setting. However, gains in safe-haven gold remain limited amid keener risk appetites in the marketplace and no new developments on the geopolitical front. December Comex goldwas last up $2.80 an ounce at $1,279.60

December Comex silver prices were last up $0.041 at $16.665 an ounce.
World stock markets were mixed in subdued overnight trading. U.S. stock indexes are pointed toward near steady openings when the New York day session begins. The U.S. stock indexes are at or near record highs, to underscore the lack of risk aversion in the marketplace at this time.

Traders and investors are looking ahead to Friday’s U.S. employment report for September from the Labor Department. The key non-farm payrolls number is expected to come in at up only 80,000, according to a Dow Jones Newswires survey. The unusually low non-farm jobs growth estimate is due to two major hurricanes that hit the U.S. mainland in September.
The U.S. dollar index is firmer in early U.S. trading. The greenback bulls have been working the dollar index sideways to higher for the past few weeks. Meantime, the Euro currency has been suffering during that same time.

The other key outside market on Thursday morning sees Nymex crude oil futures prices near steady. Oil gains have been capped this week by notions of rising U.S. crude oil production that is approaching 10 million barrels a day.

Jim Wyckoff
Thursday October 05, 2017 08:08