Was little changed on gold futures contracts during Trading morning European Monday, trading close to its highest level in a month from February to February amid hope the work of another round of quantitative easing by the Federal Reserve Board, which enhanced the precious metal.
On the Comex division of the New York Mercantile Exchange, the futures trading of gold for October delivery at 735.65, $ 1 per ounce during European morning trade, shedding 0.15%.
Prices traded in a tight trading range at 1, 733.35 dollars per ounce, the lowest price for the day and the highest price for the session at 740.75, $ 1 per ounce. Gold futures rose for gold at 741.95 at $ 1 an ounce on Friday, the highest price since February 29.
The gold futures contract is likely to find support at 685.35, $ 1 per ounce, the lowest price since Sept. 3 at 3 and 761.85, 1, $ Lalla, reading and the highest price Munds Feb. 20.
Gold prices rose to their highest level in six and a half months on Friday after the Labor Department reported that the U.S. economy added 96,000 jobs in August – August well below expectations for 125,000 141,000 after downwardly Nsphmadlh in July.
The increase, which was lower than expected in job creation to increase hope in the work of a new round of monetary easing from the U.S. central bank to boost the U.S. economic recovery, before meeting later in the policy next week.
U.S. jobs data came one day after the European Central Bank’s announcement of the details of the purchasing program bonds aimed to address the debt crisis in the euro zone.
Last week, in a speech in Jackson Hole, Wyoming, said Federal Reserve Chairman Ben Bernanke said the persistently high unemployment rate is a “grave concern” and stressed that the central bank is ready to provide more policy support as needed to support growth.
And track the movements in the price of gold this year largely transform expectations about whether the U.S. central bank will pump more money into the financial system.
The markets were also concerned by the decision of the Constitutional Court Home in Germany later on the European Stability Mechanism on Wednesday, where it will be necessary to approval by Germany for the implementation of new bond purchases in the context of the plan announced by the European Central Bank last week.
At the same time, investors were anticipating the results of the Fed meeting policy on Thursday after the release of employment data disappointing on Friday, prompting new speculation that the U.S. central bank could announce a third round of quantitative easing to support growth.
And gold prices rose in the past after monetary stimulus measures. Investors tend to turn to gold amid fears of excess liquidity, which lead to the erosion of the value of paper currencies and lead to inflation.
Gold is considered widely reserves against rising consumer prices.
Elsewhere in the Comex silver for December delivery rose 0.15% to trade at 33.74 dollars per ounce, the highest price since March 12, while copper for December delivery rose 0.65% to trade at its highest level in four months at $ 3.676 a pound.