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MTECHTIPS:-Gold posts rare winning session, ahead of Friday’s U.S. jobs report

MTECHTIPS:-Gold posts rare winning session, ahead of Friday’s U.S. jobs report

Gold futures rose considerably posting a rare winning session, as investors anticipate muted job gains for the month of July when the U.S. Department of Labor releases its employment situation report on Friday morning. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded in a range between $1,082.70 and $1,092.70 in Thursday’s session before settling near the session highs at $1,092.20 at the close. Gold has still closed lower in seven of the last nine sessions as it has hovered near five and a half year lows. It was preceded by a 10-day losing skid, its longest in nearly two decades, fueled by concerns in the Chinese equities markets, an increasing possibility of an interest rate hike by the Federal Reserve and its dampening appeal as a safe haven asset. Gold futures are still down by more than 6.5% from their level of $1,175 an ounce over the last month. Gold likely gained support at $1,083.50, the low from July 20 and was met with resistance at $1,103, the high from July 31. Investors await the release of Friday’s job report by the Labor Department’s Bureau of Labor Statistics for further indications on the timing of the Federal Reserve’s first interest rate hike since 2006. On Wednesday, Fed governor Jerome Powell said it is not a certainty that the Federal Open Market Committee will raise
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