Gold price is gaining strength ahead of the US economic data due to release tomorrow, Friday. The European economic data came weak and nothing changed in the Euro front, which supported gold even more.
Comex gold futures for August delivery were up again today, by $4.20 to be traded at $1,402.70/ounce. Gold price in the spot market was almost steady, increasing by $0.10 to reach $1,403.25/ounce.
The European Central Bank (ECB) meeting today resulted in no change in the interest rates, and re-thinking about the Greek bailout. The ECB and the Bank of England announced that interest rates will stay low at their current levels. France employment data reported employment reached a record high around 11%, the highest since 1998.
The major Asian stock market, the Japanese Nikkei, continued its free fall for the third day, tumbling below the 13,000 mark.
Analysts expect the impatiently-waited US nonfarm payrolls should be around 170,000 in May, and the overall unemployment rate in the US at 7.5%. Today, the US weekly jobless claim is to be announced, which should support gold price further ahead of the US nonfarm payrolls if it came weaker than expected.
The Indian government raised gold imports duties once again, after many attempts to curb gold demand and the current balance deficit in India this year.