Friday saw gold futures driving higher in value yet a U.S. Labor Department jobless claims report for the month of August is likely to push the price of bullion one way or the other depending on the data, according to published reports.
Bloomberg reports the unemployment rate in the nation hosting the globe's largest economy probably will hover around 9 percent. The data could be particularly pivotal in anticipation of U.S. Federal Reserve policymakers convening next week to debate whether a third round of quantitative easing is afoot. The colloquial terminology for that third round is QE3.
"Employment is going to be a key issue for the U.S. for some time," analyst Zhang Jingjing with Nanhua Futures told Bloomberg from Beijing. "And until there's some improvement in the job market, QE3 remains a real possibility and continues to be supportive of gold."
At 6:24 a.m. on Friday, gold futures gained 1.38 percent, a $25.30 lift to $1,854.40 per troy ounce.
Reuters reports the possibility of the jobs report containing surprise information is likely to influence the value of gold futures.
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