Gold Rises Ahead of Nonfarm Payroll Release

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Gold edged mildly higher in Asia on Friday with the focus on U.S. nonfarm payrolls as the last major piece of the data puzzle before the Federal Reserve meets later this month on rates.

Analysts expect the U.S, unemployment rate to hold steady at 5.0% and expect to see solid job gains of 190,000. In a robust October report, nonfarm payrolls jumped by 271,000 while the unemployment rate ticked down by 0.1 to 5.0%.

Overnight, gold for February delivery rose 0.08% to $1,062.40 a troy ounce. Silver futures for March delivery rose 0.21% to $14.105 a troy ounce and copper futures for March delivery rose 0.05% to $2.059 a pound.

Overnight, gold rallied as the dollar suffered one of its worst sessions of the year, after the European Central Bank sent shockwaves through global foreign exchange markets by instituting limited easing measures on Thursday that fell far short of market expectations.

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