Gold Inches Up on Bank of England Cut, Now Eyes Jobs Report

August 4, 2016 - 6:00pm

 by Gary Wagner

Gold prices ended the U.S. day session modestly higher Thursday, boosted by the announcement from the Bank of England that it is easing its monetary policy for the first time since 2009. Traders and investors are now awaiting Friday morning’s July U.S. employment report from the Labor Department. The key non-farm payrolls number is expected to show 180,000 jobs were created last month, explains Gary Wagner of the popular website, thegoldforecast.com. He noted that tomorrow's number will be key for the metal. Wagner is sticking to his previous gold call of $1,450 an ounce. Gold rose even as the dollar climbed, which tends to be negative for commodities priced in the currency. A stronger dollar tends to diminish the appeal of assets priced in dollar terms. December Comex gold futures were last up $2.50 at $1,367.20 an ounce.

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