MTECHTIPS:-Gold edges higher as nonfarm payrolls loom on Fed rate

MTECHTIPS:-Gold edges higher as nonfarm payrolls loom on Fed rate views

MTECHTIPS- Gold gained on Friday in Asia in cautious trade ahead of U.S. nonfarm payrolls data expected to point the way for a Fed rate hike in June with 185,000 jobs expected, compared to a disappointing 98,000 in March. Gold for June delivery on the Comex division of the New York Mercantile Exchange rose 0.08% to $1,229.64 a troy ounce. Also on the Comex, copper futures gained 0.16% to $2.518 a pound. Overnight, gold prices sank to a six-week low on Thursday, as investors’ optimism for a June rate hike rose to its highest level, after the Federal Reserve left its benchmark rate unchanged but downplayed slower first-quarter economic growth. Gold prices slumped to a six-week low, after uncertainty surrounding the outcome of the French presidential election eased, following a strong performance by pro-EU candidate Emmanuel Macron in a TV presidential debate against Marine Le Pen ahead of the final vote on Sunday. Meanwhile, investors’ expectations of a June rate hike hit its highest level, after the Federal Reserve released a somewhat hawkish statement on Wednesday. The U.S. central bank left its key benchmark rate unchanged but downplayed the significance of slower first quarter economic activity. According to investing.com’s Fed rate monitor tool nearly 70% of traders expect the Fed to hike interest rates in June. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
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