At today's morning session in Europe, gold futures fell to a minimum of three weeks. This is due to the fact that attention of traders focused on the upcoming data on changes in number of people employed in the non-agricultural sector of the US, meanwhile, promises to increase rates this year are supporting the US currency.
Gold futures with December rate at the Comex division in New York lost 0.42%, breaking the level of $1108.80. The December contract fell in price on evening trading session by 0.13% to $1113.70 per ounce. The support level of futures will likely get $1103.00, minimum of 15 September, resistance - $1126.00, maximum of 30 September. Data on unemployment in the US will be important to investors in sense that they help to predict probability of the Fed raising rates in the near future. The uncertainty in recent weeks about the tightening of monetary policy of the US central bank put a lot of pressure on gold prices. Usually such tightenings with increased interest rates contribute to the demand for gold, as the cost of storing the metal decreases, ensuring traders a larger profit.
The dollar lost some positions because of weak data from the Institute of Supply Management, which published the index of volume of manufacturing purchasing the US: 50.2 in September, against 21.1 in August. Also the negative data came out for the unemployment rate: the number of applications increased by 10,000 to 277,000.
The cost of the December silver futures fell by 0.28% to $14,470 per ounce. Copper futures with December rate rose by 0.21% to $2.309 per pound.