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MTECHTIPS:- Gold futures edge lower but losses seen limited

MTECHTIPS:- Gold futures edge lower but losses seen limited

Gold prices edged lower in European morning hours on Friday, but losses were expected to remain limited as Friday’s downbeat U.S. jobs data dampened expectations for a December rate hike by the Federal Reserve. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery slipped 0.22% to $1,134.10. The December contract ended Thursday’s session 2.06% higher at $1,136.60 an ounce. Futures were likely to find support at $1,124.30, the low from September 24 and resistance at $1,141.20, the high from October 2 and a one-week high. The Labor Department reported on Friday that the U.S. economy added just 142,000 jobs last month, well below expectations of the 203,000 expected by economists. August’s reading was revised down to 135,000, from the initial reported figure of 173,000. Average hourly earnings were flat month-on-month and the labor force participation rate fell to just 62.4%, down from 62.6% in August. The unemployment rate was unchanged at 5.1%, in line with forecasts.

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