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GOLD: Long Term Analysis & Short Term forecast

Gold futures are broadly flat at $2,391.6 a troy ounce, trading rangebound ahead of the release of U.S. nonfarm payroll data later Friday. The precious metal has largely traded sideways this week, gaining just 1.1% since last Friday. The market will be hoping the data will comes in weaker than expected, supporting the case that the Federal Reserve will be able to start easing monetary policy sooner rather than later. Non-interest bearing bullion typically has an inverse relationship with U.S. interest rates, with higher rates for longer usually diminishing the appeal of gold. Any signs in Friday’s data will be closely analyzed for clues as to the Fed’s next steps. Elsewhere, copper falls 1.15% to $10,029 a ton, while aluminum slips 0.55% to $2,633 a ton.

 

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