The gold market is stable and is preparing to stop the six-week slump due to the USD depreciation on the eve of the report on US employment.
Gold was traded at $ 1061.71 per ounce, compared to US $ 1062.17 at the close of Thursday trading, when the price fell to the lowest since February 2010, at $ 1.045,85, while the US futures for December delivery fell $ 0.20 to $ 1.061 per ounce. Earlier, gold rose by almost 1 % due to easing policy of the European Central Bank.
During European morning trade, the price of gold was reduced to a fresh six-year low, as expectations of a rate hike in the US this month overshadowed yesterday's policy statement of the European Central Bank, reinforcing the rise of dollar.
Since November, gold has lost nearly 8% on expectations that the Fed will raise interest rates for the first time in almost ten years, at its meeting in December.
Investors are waiting for the report on US employment, which will be published on Friday, and which will affect the Fed's decision to raise interest rates at the meeting on December 15-16. Most investors expect rate hikes to be unfavorable for gold, not being interest bearing.
Fed Chairman, Janet Yellen, said on Wednesday that she is looking forward an increase in interest rates. According to her, to provide jobs for all those entering the labor force, the number of jobs must increase by at least 100 000 a month, and analysts expect that in November there were created 200 000 jobs.
Stocks of the world's largest gold secured fund - ETF SPDR Gold Trust fell to its lowest level since September 2008.
Silver was traded at $ 14.09 per ounce compared to $ 14.08 at Thursday close; platinum was $ 855.56 compared to $ 842.99, and palladium - $ 543.22 versus $ 534.97.