US jobs report later this week is key for Gold – ING

FXStreet Insights Team FXStreet

Gold prices continued their upward move on Friday, with growing noise surrounding potential secondary sanctions providing further support to the market, ING's commodity experts Ewa Manthey and Warren Patterson note.

Speculators increase their net long in Comex Gold

"This is after US personal consumption expenditure data came in line with expectations, keeping hopes alive that the Federal Reserve will cut interest rates at its 16-17 September meeting. However, much will depend on Friday’s jobs report for August. Another weak reading would reinforce the view that a September rate cut is likely."

"Meanwhile, speculators increased their net long in Comex Gold by 6,363 lots to 148,122 lots over the last reporting week."

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FXStreet Insights Team

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