Gold prices edge higher in Asia as investors eye U.S. nonfarm payrolls
Gold edged mildly higher in Asia on Friday with the focus on U.S. nonfarm payrolls as the last major piece of the data puzzle before the Federal Reserve meets later this month on rates. Analysts expect the U.S, unemployment rate to hold steady at 5.0% and expect to see solid job gains of 190,000. In a robust October report, nonfarm payrolls jumped by 271,000 while the unemployment rate ticked down by 0.1 to 5.0%.
Overnight, gold for February delivery rose 0.08% to $1,062.40 a troy ounce. Silver futures for March delivery rose 0.21% to $14.105 a troy ounce and copper futures for March delivery rose 0.05% to $2.059 a pound.
NYMEX crude gains in Asia ahead of OPEC meeting
Crude prices gained in Asia on Friday with an OPEC meeting on the day expected to set the tone on price outlooks by the world's major producers. On the New York Mercantile Exchange, WTI crude for January delivery rose 0.22% to $41.34 a barrel.Overnight, crude futures surged on Thursday bouncing off multi-year lows amid a sharply weaker dollar, ahead of perhaps the most contentious OPEC meeting in years.
On the Intercontinental Exchange (ICE), Brent crude for January delivery wavered between $42.61 and $44.69 before settling at $43.89, up 1.41 or 3.32% on the day. One day earlier, North Sea Brent futures tumbled by nearly 4% to fall to its lowest level in six years. The spread between the international and U.S. domestic benchmarks of crude stood at $2.80, above Wednesday's level of $2.51 at the close of trading. Although OPEC is largely expected to leave their production quota unchanged at Friday's key meeting, the pressure is reportedly building on Saudi Arabia to slash output from near-record highs.
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