Gold may reassess its views on the U.S. economy next week as it digests a higher-than-expected nonfarm payrolls report.
Gold prices ended the week higher, but just barely, as the market gave back most of the gains inspired by geopolitical events following the stronger U.S. Labor Department data. The yellow metal may also look for direction once Chinese economic data is released to see if growth there is slowing.
The New Zealand dollar weakened after a key measure of US employment posted stronger-than-forecast gains, reinforcing expectations the Federal Reserve will continue to taper its stimulus programme and boosting the greenback.
The kiwi weakened to 84.38 US cents from 84.61 cents at the New York close and 84.78 cents at 5pm on Friday. The trade-weighted index slipped to 79.01 from 79.29 on Friday.
Participants in the Kitco News Gold Survey are split in their views on price direction for gold next week. Nominally participants see higher prices, but the group doesn’t have a simple majority.
In the Kitco News Gold Survey, out of 33 participants, 21 responded this week. Ten see prices up, while six see prices down and five see prices trading sideways or neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.
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