{"id":36776,"date":"2012-11-01T02:50:00","date_gmt":"2012-11-01T02:50:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-edge-higher-2\/36775\/"},"modified":"2012-11-01T02:50:00","modified_gmt":"2012-11-01T02:50:00","slug":"gold-prices-edge-higher-2","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-edge-higher-2\/36776\/","title":{"rendered":"Gold Prices Edge Higher"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> edged up on Wednesday as market participants in U.S. returned to the floor resulting in higher trading volume following two days of pause caused by the destructive Hurricane Sandy; nevertheless, no major gains are expected in the short term as bullion investors will remain wary ahead of deluge of economic data in next two days and the outcome of U.S. presidential elections.<\/p>\n<p><span id=\"more-36776\"><\/span><\/p>\n<p>U.S. <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> futures for December delivery gained 0.4% or $7 an ounce to settle at $1,719.10 an ounce on the Comex division of New York Mercantile Exchange while spot gold was gaining 0.7% at $1,720.90 an ounce. Earlier on Wednesday, U.S. gold futures hit a session high of $1,726.60 an ounce but as the U.S. dollar pared its losses, metal\u2019s price retreated.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>) ended the day 0.55% higher at $166.86.<\/p>\n<p>The ICE dollar Index, a gauge on U.S. unit\u2019s performance against a basket of six major currencies, rose to 79.902 on Wednesday from 79.942 on Tuesday in late night North American trading.<\/p>\n<p>In October gold slumped 2.8%, a first monthly loss since May. Earlier on October 5, bullion prices peaked at $1,795.69 an ounce but metal\u2019s failure to cross the key resistance level of $1,800, triggered a technical weakness, resulting in investors cutting short their bullish positions.<\/p>\n<p>Also doubts over global macroeconomic stability dented metal\u2019s inflation hedge appeal, prompting investors to stay in sidelines while falling quarterly earnings made investors to close positions in gold to cover losses incurred from equity and commodity markets.<\/p>\n<p>Now, all eyes will be focused on U.S. Labor Department\u2019s monthly non-farm payrolls data for October, scheduled to be released on Friday. As <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>\u2019s latest round of quantitative easing is centered on the labor market, any weakness or recovery in the employment figures will provide a fair idea over how long the central bank will continue with its economic stimulating measures.<\/p>\n<p>A poll conducted by Reuters showed that the U.S. economy created 125,000 jobs in October while unemployment level is expected to be at 7.9% compared to last month\u2019s 7.8%.<\/p>\n<p>While non-farm payrolls data are expected to keep bullion investors on sidelines, the upcoming U.S. presidential elections will also keep lid on gold\u2019s gains, believe analysts. It is believed that gold will continue to hover in the tight range of $1,700-$1,720 an ounce in the near term.<\/p>\n<p>\u201cDo not expect any major fireworks unless we close above 1730 or until after non-farm payrolls on Friday,\u201d commented Ole Hansen, Vice President at Saxo Bank in his research note.<\/p>\n<p>Echoing the similar sentiment, David Jollie, a precious metal analyst at Mitsui Precious Metals said to Reuters that bullion will be traded in a very narrow range in the near term due to ambiguity surrounding the U.S. presidential elections. &#8220;People are not keen to add risk to their portfolios ahead of that,&#8221; added Jollie.<\/p>\n<p>In a research note, strategists at KBC Bank in Brussels wrote, \u201cIt may take an event such as Friday\u2019s U.S. nonfarm payrolls report to break gold out of the relatively narrow trading range of $1,700 to $1,720 an ounce seen over the past five sessions.\u201d<\/p>\n<p>\u201cThe clear downtrend from earlier in the month has now been replaced by this consolidation phase. But the possibility of another attempt on the downside certainly cannot be ruled out, especially with U.S. nonfarm payrolls coming up and the U.S. elections looming,\u201d said UBS in its daily market report.<\/p>\n<p>Meanwhile, in physical market side, the demand for the yellow metal is expected to pick-up in the wake of approaching Hindu festival of Diwali, an occasion considered auspicious to buy gold.<\/p>\n<p>Moving onto some other precious metal markets, <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> futures\u00a0edged up 50 cents, or 1.6%, to close at $32.32 an ounce.<\/p>\n<p>January palladium futures\u00a0climbed $13.65 an ounce, or 2.3%, to end the day at $609.80, and December platinum\u00a0futures leaped $23.40, or 1.5%, to settle at $1,577.50 an ounce.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20121102143038\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fgold-prices-edge-higher-11%2F36776&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/u-s-stocks-gain-on-strong-jobs-report\/36888\">\nU.S. Stocks Gain on Strong Jobs Report<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-slip-silver-prices-also-down\/36883\">\nGold Prices Slip, Silver Prices also Down<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/u-s-stock-futures-lower\/36875\">\nU.S. Stock Futures Lower<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/starbucks-shares-surge-on-q4-results-outlook-sbux\/36872\">\nStarbucks Shares Surge on Q4 Results, Outlook (SBUX)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-26\/36871\">\nGold Prices Settle Lower<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-kick-off-november-on-a-strong-note\/36841\">\nStocks Kick-Off November on a Strong Note<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-edge-lower-as-dollar-strengthens-silver-prices-gain\/36840\">\nGold Prices Edge Lower as Dollar Strengthens; Silver Prices Gain<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20121102143038im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices edged up on Wednesday as market participants in U.S. returned to the floor resulting in higher trading volume [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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