During the Friday session on the European stocks, gold quotes are trading stable after a recent fall. The yesterday drop in the metal's price was triggered by a sharp rise in the US dollar. Today, investors are waiting for the report on the US employment in the non-farm sector.
Gold futures for December delivery opened with slight price fluctuations on Commodity Exchange, the NYMEX division. The quotes were trading at the level of $1,124.30.
Analysts suppose that futures will face support at the low of August 27 � $1,118.40 and resistance at the high of September 2 - $1,140.40.
The US dollar grew a bit after the European regulator announced extension of the quantitative easing program amid increasing risks of inflation forecast worsening. Yesterday, the ECB trimmed its forecasts for economic growth and inflation due to falling crude prices and a slowdown in China's economy.
As of 7:58 GMT, Brent crude has been trading at $50.12 a barrel today. WTI oil price was at $46.19 a barrel.
The publication of the report on the US non-farm employment in August may cast some light on the possibility of interest rate hike in the future. Currently, these expectations influence gold negatively as it fails to resist profitable assets in the period of increasing rate.