SINGAPORE, Nov 2 (Reuters) – Gold traded little changed on Friday, remaining on track to snap three weeks of losses, with investors waiting for a key U.S. employment report later in the day for further clues on the health of the world’s top economy.
FUNDAMENTALS
* Spot gold was little changed at $1,715.59 an ounce by 0026 GMT, on course for a slight weekly rise of 0.3 percent.
* U.S. gold was also barely moved at $1,716.40.
* All eyes are on the U.S. nonfarm payrolls data, which is expected to show a pickup in job growth, although the unemployment rate may tick up from a near four-year low.
* It follows figures that showed U.S. companies added jobs in October at the fastest pace in eight months, a sign of modest healing in the labour market just days before a presidential election that could hinge on the economy.
* Other data showed a drop in new claims for jobless benefits, a sharp improvement in consumer confidence, while there were mixed signals regarding the health of U.S. manufacturing.
* South Africa’s platinum industry is in “severe financial distress” and high wage settlements to get wildcat strikers back to work will lead to job cuts, Anglo American Platinum said.
MARKET NEWS
* The S&P 500 scored its best day in seven weeks on Thursday as bullish consumer confidence and private-sector jobs data gave investors reason to cheer following superstorm Sandy’s devastating sweep through the U.S. Northeast.
* The safe-haven yen stayed under pressure on Friday, while commodity currencies held solid gains as investors bet on an upbeat U.S. payrolls report after private employers added jobs at the fastest pace in eight months.
Source: Reuters
