Gold Futures Moving In Tight Range

Gold prices are moving in a narrow range Friday morning as the dollar remains steady with investors weighing possibilities of tapering of bond-buying program by the Federal Reserve.

Gold futures are currently down in negative territory, but the loss is just marginal due to a somewhat sluggish dollar.

The dollar index, which dropped to 92.33 in the Asian session, is currently at 92.42, down 0.06% from the previous close.

Gold futures for December are down $1.10 or 0.06% at $1,798.90 an ounce.

Silver futures for December are lower by $0.017 or 0.07% at $24.160 an ounce, while Copper futures for December are gaining $0.0790 or 1.84% at $4.3645 per pound.

On the economic front, data on Producer Prices for the month of August is due at 8:30 AM ET.

Data on wholesale sales for the month of July is due out at 10 AM ET.

On Thursday, data from the Labor Department showed a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended September 4th.

The report said initial jobless claims fell to 310,000, a decrease of 35,000 from the previous week’s revised level of 345,000. Economists had expected jobless claims to edge down to 335,000 from the 340,000 originally reported for the previous week.

With the bigger than expected decrease, jobless claims once again dropped to their lowest level since hitting 256,000 in the week ended March 14, 2020.

The European Central Bank left its interest rates unchanged on Thursday and said it would slow the pace of asset purchases under its pandemic emergency purchase program.

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