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- Gold price traded little changed ahead of the release of the U.S. labour market data on Friday
Gold price traded little changed ahead of the release of the U.S. labour market data on Friday
Gold price traded little changed ahead of the release of the U.S. labour market data on Friday. The U.S. unemployment rate is expected to remain unchanged at 5.1% in October. The U.S. economy is expected to add 180,000 jobs in October, after adding 142,000 jobs in September.
Market participants eyed the U.S. economic data. The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending October 31 in the U.S. rose by 16,000 to 276,000 from 260,000 in the previous week. Analysts had expected the initial jobless claims to increase to 262,000.
Preliminary productivity in the U.S. non-farm businesses rose at a 1.6% annual rate in the third quarter, beating expectations for a 0.2% decrease, after a 3.5% increase in the second quarter. The second quarter's figure was revised up from a 3.3% gain.
The increase was driven by a rise in manufacturing productivity, which rose 4.9%. Hours worked fell by 2.1%.
Preliminary unit labour costs increased 1.4% in the third quarter, missing expectations for a 2.3% rise, after a 1.8 drop in the second quarter. The second quarter's figure was revised down from a 1.4% decrease.
December futures for gold on the COMEX today declined to 1106.20 dollars per ounce.
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