GOLD PRICES booked mild gains this week as traders awaited the release of U.S Non-Farm Payrolls data
|This week Gold prices hit a fresh weekly high of $1274 an ounce from the previous week’s close of $1242 an ounce before retreating back down to the key support level of $1250. This week Gold has been supported by an outflow of capital from Equities and Emerging Markets amid global economic concerns. This week's mix of U.S data has added to the trend. As the Federal Reserve continue to taper – a wave of currency declines are hurting a number of Emerging Market economies, ranging from Brazil, Russia, India and South Africa. This is prompting local investors to move their capital away from depreciating currencies and into safe-havens like gold. January Non-Farm Payroll cam in weaker-than-expected. US non-farm payrolls rose by 113K last month, missing estimates of a 180,000 rise, based on the report released by the Bureau of Labour Statistics. In the previous month, the number of new employees rose by the surprisingly low figure of 74K. The unemployment rate dropped to 6.6% in January, down from 6.7% in the previous month.
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