(MENAFN- ProactiveInvestors) Gold continued to trade within a very narrow band with the price edging higher as US private sector jobs came in below expected.
The jobs survey from payroll group ADP and a forerunner of non-farm payroll figures on Friday showed an additional 213000 jobs were added in January around 10000 shy of estimates.
Estimates for non-farm payrolls are for gains of about 220000 jobs last month.
Spot gold was trading US$6 higher at US$1266 shortly after markets in the US got underway.
Silver was few pennies higher at US$17.39 while platinum added US$5 to US$1236.
Gold has been boosted in 2015 by the prospect of widespread money printing from central governments outside of the US which has led to strong rises in the price in local currency terms.
China today became the latest government to indicate it would pump money into its economy to boost a flagging growth rate.
The country’s central bank cut its reserve ratio in an attempt to get its banks to lend money to keep its economy moving.
The ECB the Eurozone’s central bank recently launched a quantitative easing programme Japan has been in stimulus mode for a number of years while Australia cut rates this week.
With China now starting to ease as well it leaves just the US and UK as places where the next interest rate move is likely to be higher.
Major movers
up 10p at 5545p
up 5p at 889p
down 32p at 1139p
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