The price of gold has edged higher as it tracks the increase in the foreign exchange value of the euro.
The euro is doing well as traders anticipate US unemployment figures due later today. TheBullionDesk.com’s James Moor explained that gold prices are likely to continue to follow the European single currency as traders wait for "some clarity on the U.S. economy."
The price of gold has increased by 0.2 per cent to $1,133.90 per troy ounce.
This morning, the euro was flat against the dollar at $1.3585.This indicated that traders are distracted by the jobs figures that are due soon. Analysts expect the figures to show job losses totalling some 50,000 jobs.
Peter Wuyts, market analyst at KBC in Brussels said, "the market is looking for signs of the next wave of cyclical improvement in the US and a good payrolls number could point to that.”
The euro received some good news yesterday in the form of Greece’s selling of a 10-year syndicate bond, which was welcomed by investors. The sale was the government’s first attempt to reduce its massive financial deficit.
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