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Gold inches up ahead of US data, ECB meeting
2016-06-02 17:36:25

Gold inches up ahead of US data, ECB meeting

Gold rose slightly on Thursday, amid retreat in the U.S. dollar, ahead of U.S. labor market data and the European Central Bank policy meeting.

The precious metal hit a high of $1217.43 an ounce, while currently trading around $1215.08 from the opening at $1213.32.

The dollar slipped for a second straight session after the release of mixed U.S. data this week that failed to give indication when the Fed would raise interest rates.

Later in the day, eyes will focus on labor market data, which are the ADP employment and the weekly jobless claims.

Private sector employers probably created 174,000 jobs last month, following a job gain of 156,000 in April, while initial jobless claims may show a rise to 270,000 last week from 268,000 a week before.

The data will be carefully watched as it comes just one day before the awaited NFP that may signal a pace of job creation of 159,000 in May.

The non-farm payrolls is mainly used by the Federal Reserve as a gauge to the health of the labor market.

Still, there is uncertainty whether the Fed would raise its borrowing cost this month or will wait until July’s meeting.

Investors will also focus on the ECB press conference as Mario Draghi provides an update about the euro area eonomy, with the latest inflation and growth projections.

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