*** ALL THINGS MONEY >>>> ATM ***

[EZ2]

Gold edges up from 3-month low ahead of jobs report

MARKETWATCH 8:11 AM ET 6/3/2016
Symbol Last Price Change
GLD 115.67 0 (0%)
GDX 22.77 0 (0%)
SLV 15.22 0 (0%)
QUOTES AS OF 04:00:00 PM ET 06/02/2016

Gold futures inched higher Friday after settling at a more than three-month low on Thursday.

Global markets, including precious metals, are awaiting more evidence from the U.S. labor market to support or undermine what have been growing expectations for a U.S. interest rate hike sooner versus later.

A reading of private-sector employment on Thursday supported the theme of a grinding push higher for the economy. And now, the closely watched nonfarm-payrolls report is out for release Friday at 8:30 a.m. Eastern. Economists polled by MarketWatch are forecasting that the U.S. will add 155,000 nonfarm jobs in May (http://www.marketwatch.com/story/us- jobs-report-for-may-to-get-spammed-by-verizon-strike-2016-06-02).

Early Friday, June gold rose $1.80, or 0.2%, to $1,211.60 an ounce on Comex. It closed at $1,209.80 Thursday, its lowest settlement since Feb. 16. So far, gold is on track to finish the week only modestly below where it closed last Friday.

Gold fell in the previous session after yet another Federal Reserve member, Dallas'sRobert Kaplan, reiterated their belief that the Fed should nudge interest rates higher considering upbeat economic signs. Another Fed official, Chicago'sCharles Evans, said in an overnight speech that he prefers a patient policy panel that waits (http:// www.marketwatch.com/story/feds-charles-evans-says-more-aggressive-tightening-holds-risk-for-economy-2016-06-03) until inflation signs are more apparent.

Gold nosed higher Friday even as the ICE dollar index was fractionally higher at 95.59.

Higher interest rates tend to lift demand for the dollar, dampening buyer interest in dollar-priced precious metals. Rate increases can also put pressure on gold as commodities don't pay interest, sending investors in search of higher yields in a rising-rate climate.

Short term, at least, some technical analysts see over-sold conditions emerging for gold.

(

GoldTech: 9 day is negative and we're in oversold conditions.1205
&1200 are support.1216 & 1221 overhead resistance. pic.twitter.com/qh8rg1MFMp

— Zaner Metals (@zanermetals) June 2, 2016

)

The exchange-traded fund SPDR Gold Trust(GLD) rose 0.08%, while the VanEck Vectors Gold Miners ETF(GDX) climbed 0.5%.

Meanwhile, July silver rose 9 cents, or 0.5%, to $16.11 an ounce. The exchange traded iShares Silver Trust(SLV) gained 0.5%.

-Rachel Koning Beals; 415-439-6400; [e-mail]


(END) Dow Jones Newswires
06-03-160811ET
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