Investing.com – Gold prices traded a little lower on holiday-thinned trading on Thursday, but continued to be supported by expectations of the Central Bank's easing ahead of the US employment report.
Comex dropped $ 3.85 or 0.3% to $ 1,417.05 a troy ounce at 8:54 ET (12:54 GMT).
Despite the dip, gold remained on the track to log a seventh straight week of winnings, backed by US President Donald Trump's nomination of two talented Federal Reserve candidates and a surprise that Christine Lagarde will be head of the European Central Bank.
The markets took the news to mean that the road has been cleared for both the Fed and the ECB to meet the expectations that central banks will move forward with political easing.
In a declining interest rate environment, investors' appetite for gold is strengthened as the opportunity to hold valuable metal falls over other interest-bearing assets such as bonds.
With US investo rs celebrating the 4th of July holiday, market focus shifted to Friday's release of the United States.
weaker than expected readings could cement expectations that the Fed would cut at its political meeting on July 30, 31
ADP data released Wednesday showed that the private sector only added 102,000 jobs in June over the 140,000, that was expected.
Other numbers this week also supported the central bank's light monetary policy, with in May declining 0.7% and the index falling to 55.1 in June.
Elsewhere in metal transactions, nothing changed to $ 15,332, fell 0.4% to $ 840,40, traded 0.9% to $ 1,551.20, while losing 0.3% to $ 2,676 pounds.
Fusion Media or anyone involved in Fusion Media does not accept any liability for any loss or damage resulting from the reliance on the information including data, quotes, charts, and purchase / sales signals contained on this site. Be fully informed about the risks and costs associated with trading in the financial markets. It is one of the most risky forms of investment.