Gold Rises Before Jobs Data as Investors Weigh Demand, Tapering

10/01/2014 11:54 AST

Gold climbed before U.S. jobs data as investors weighed the outlook for physical demand against speculation the Federal Reserve may cut stimulus further.

Bullion for immediate delivery rose as much as 0.8 percent to $1,238.15 an ounce and traded at $1,235.83 at 2:37 p.m. in Singapore. Prices, which fell 0.2 percent earlier, ended at $1,237.01 last week. Gold for February delivery rose 0.5 percent to $1,235.30 on the Comex in New York.

Minutes of the Fed’s December meeting released this week showed that some officials saw diminishing economic benefits from purchasing debt. The Fed said Dec. 18 that it will reduce its monthly bond purchases to $75 billion from $85 billion, citing improvements in the labor market. A report today may show employers added more jobs in 2013 than at any point in the past eight years, even as payrolls declined from a month earlier.

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