SINGAPORE, Nov 5 (Reuters) – Gold nudged up on Monday, recovering after stronger-than-expected U.S. jobs data dampened hopes for additional monetary easing and sent gold to a two-month low in the previous session.
FUNDAMENTALS
* Spot gold edged up 0.3 percent to $1,681.25 an ounce by 0008 GMT, after dropping to a two-month low of $1,673.94 an ounce on Friday.
* U.S. gold gained 0.4 percent to $1,681.60.
* U.S. employers stepped up hiring in October and a small increase in the jobless rate was due to more workers restarting their job hunts, a hopeful sign for a lacklustre economy that has been a drag on President Barack Obama’s re-election bid.
* Speculators cut the net length in U.S. gold futures and options for the third straight week in the week ended on Oct. 30, to 149,853 contracts. Net length in silver, platinum and palladium also fell, said the U.S. Commodity Futures Trading Commission.
* Finance chiefs of leading economies pressed the United States on Sunday to avert a rush of spending cuts and tax hikes that could hurt global output next year, though some countries still saw Europe’s debt crisis as the No. 1 danger.
* Spot silver rebounded from a 4.3-percent slide in the previous session, to gain 0.8 percent to $31.04.
* Striking miners at AngloGold Ashanti were due to return to work on Sunday at two mines where operations were suspended this week in a dispute over bonus payments, the world’s third largest bullion producer said.
MARKET NEWS
* U.S. stocks ended an unusual storm-shortened trading week with a selloff on Friday, as major indexes erased early gains sparked by a stronger-than-expected payrolls report.
* The U.S. dollar hovered around two-month highs against a basket of major currencies in Asia on Monday as investors sought the safe-haven currency given uncertainty surrounding the U.S. presidential election.
Source: Reuters
