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Gold prices slightly up in Asian session

Monday, Sep 07 2015
Gold prices are up a bit in the Asian session but are expected to remain flat for the day with US markets shuttered for the Labor Day Holiday. Gold added $1.20 to trade at 1122.70 as traders are unsure of the take away from Friday’s nonfarm payroll report. Silver added 51 points to trade at 14.600 and platinum added $1.85 to 992.95. The entire metals family was down for the week.
 
The precious metal family rebounded from a 5-1/2-year low in late July and has remained supported by fears of an economic slowdown in China that caused a stock market rout and prompted many investors to seek safety in haven assets such as gold. However, with volatility dropping, gold failed to convincingly rally as main focus was once again shifted toward broad expectations for the Federal Reserve to raise borrowing costs this year for the first time in nearly a decade.
 
While the US labor market has shown a robust recovery, inflation continues to trail its targeted level, although Fed Vice Chairman Stanley Fischer said last week that there is a “good reason” to believe inflation will accelerate and that easing volatility will possibly pave the way for a rate hike. Meanwhile, Boston Fed President Eric Rosengren said rates would only get raised gradually, regardless of whether the central bank takes the first step a few months earlier or later.
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