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Gold heads for weekly gain as investors awaits US jobs data
[NEW YORK] Gold is heading for a weekly advance before the release Friday of a US payrolls report and Chinese manufacturing data.
Bullion for immediate delivery traded at US$1,231.90 an ounce at 7:27 am in Singapore, from US$1,232.75 on Thursday when it rose 0.6 per cent, according to Bloomberg generic pricing.
The metal jumped 16 per cent in the first three months of the year, the biggest quarterly surge since 1986.
The dollar fell to a nine-month low after comments this week from Federal Reserve Chair Janet Yellen, which reflected concern that global headwinds may restrain the US economy, dimming the prospects for higher interest rates.
Economists surveyed by Bloomberg estimate US employers added 205,000 workers in March, compared with 242,000 the previous month as the unemployment rate remained at 4.9 per cent.
"Gold closed the quarter off on a steady footing, consolidating the very impressive gains we saw in January and February," Jordan Eliseo, Sydney-based chief economist at trader Australian Bullion Co, said by e-mail.
"The market might want to test the US$1,200-US$1,210 area before pushing higher, though a weak payrolls print will provide immediate support for the metal."
Economists expect a private gauge of Chinese factories due Friday to remain in contraction territory, after Standard & Poor's reduced its rating outlook for Asia's largest economy to negative from stable Thursday.