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PRECIOUS-Gold prices steady; U.S. nonfarm payroll data awaited

Published 2018-11-01, 09:27 p/m
Updated 2018-11-01, 09:30 p/m
© Reuters.  PRECIOUS-Gold prices steady; U.S. nonfarm payroll data awaited

© Reuters. PRECIOUS-Gold prices steady; U.S. nonfarm payroll data awaited

BENGALURU, Nov 2 (Reuters) - Gold prices were steady in early Asian trade on Friday, after rising about 1.5 percent in the previous session, while the dollar inched up ahead of the U.S. payrolls data due later in the day.

FUNDAMENTALS

* Spot gold XAU= was steady at $1,232.72 per ounce, as of 0116 GMT. Prices climbed to their highest since Oct. 26 at $1,237.39 per ounce on Thursday after falling for three days in a row.

* U.S. gold futures GCcv1 were down 0.4 percent at $1,233.8 per ounce.

* The dollar index .DXY , which measures the greenback against a basket of six major currencies, was up 0.1 percent.

* According to a Reuters survey of economists, nonfarm payrolls probably rebounded by 190,000 jobs in October after Florence depressed restaurant and retail payrolls in September.

* U.S. President Donald Trump and Chinese President Xi Jinping both expressed optimism on Thursday about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentina. Trump increased economic pressure on Venezuela's leftist President Nicolas Maduro on Thursday with new sanctions aimed at disrupting the South American country's gold exports. The U.S. economy is expanding at a 3.0 percent annualized rate in the fourth quarter, following the latest data on manufacturing activity and construction spending, the Atlanta Federal Reserve's GDPNow forecast model showed on Thursday. The UK and the European Union have made progress on a deal to give London's dominant financial centre basic access to EU markets after Brexit, two British officials said, but no agreement has yet been clinched. SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.90 percent to 760.82 tonnes on Thursday from 754.06 tonnes on Wednesday. Global demand for gold rose slightly in the third quarter compared to the same period a year ago as resurgent buying from central banks and retail consumers balanced huge outflows from exchange traded funds, the World Gold Council (WGC) said on Thursday. gold demand in 2018 is expected to fall from the previous year as a rally in local prices to five-year highs is likely to dent purchases during key festivals in the December quarter, (WGC) said on Thursday. Sales of gold and silver products by the Perth Mint fell in October, the mint said on Thursday.

Latest comments

I also curious if anyone tried calling the GLD hotline at 866▪320▪4053 in search of numerical details on GLD's insurance? The GLD prospectus vaguely mentions their custodian having some insurance policies but it is also written that these policies do not cover all of their gold. When I asked about how much of the gold was insured, the representative proceeded to act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.
"760.82 tonnes". . Hello Reuters, I often see this claim being made by your but still have yet to see any verifiable evidence to support any of these claims. How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund.. . I remember there was a highly publicized visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities.
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