Gold prices at today's trading were under pressure close to record lows for the last five weeks. Investors are awaiting the release of major US data and hope to get specifics about the state of economy about the state of the economy and a potential growth of interest rates in near future. Gold futures on the New York Mercantile Exchange, Comex division for December delivery rose by $4.60, or 0.41%, to $1118.70 per troy On Tuesday, positions of gold fell to $1113.60, and reached record lows from October 2. This was due to the fact that traders were selling the precious metal at low prices in anticipation of the Fed's December meeting.
Today in the US we are expecting for publishing data on the number of jobs by ADP in October, and after 15 minutes there will be released a trade balance. Then we will learn the results about increasing volumes in the US services sector last month. According to analysts employment in non-farm payrolls will show job growth in October to 182 thous, in previous month the figure was 142 thous. The unemployment rate may remain unchanged at 5.1%. Indicators of NFP, in the event of release them higher than expected, can strengthen investors' expectations in soon raise of the Federal Reserve rates, if the data will be released weakened, it could give support to gold.
Over the last month gold could consolidate against the backdrop of crisis in the global economy, with China Republic at the head. This difficult situation has affected the prospects for economic growth in the US and forced market to think about the transfer of rate hike at the beginning of spring 2016. But the hawkish tone of the US central bank last week forced market participants to sell gold. Meanwhile, copper futures for December rate rose by 1.9 cents to $2.350 per pound.