Gold has posted sharp gains in the Thursday session, after sustaining strong losses this week. In the North American trade, the spot price for one ounce of gold is $1232.51, up 1.47% on the day. On the release front, unemployment claims ticked lower to 214 thousand, a shade above the forecast of 213 thousand. On the manufacturing front, ISM Manufacturing PMI also disappointed, as it fell to 57.7 points, shy of the estimate of 59.0 points. This marked a 6-month low. On Friday, the focus will be on U.S employment numbers, with the release of wage growth and nonfarm payrolls.
October may have been dismal for the stock markets, but gold prices were sharply higher, posting a gain of 1.75%. This marked the strongest monthly gain since July 2017. With global stock markets rebounding on Thursday, investors have regained confidence and risk appetite. This has weighed on the U.S dollar, which has taken advantage of the recent turmoil in the equity markets and posted impressive gains. A lower dollar on Thursday has pushed gold prices sharply higher. Traders should be prepared for volatility from gold on Friday, with the release of key employment indicators. Nonfarm payrolls are expected to improve sharply to 193 thousand, but wage growth is forecast to tick lower to 0.2%.
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