Gold steadies ahead of U.S. data


LONDON - Gold was steady on Friday, drawing little support from foreign exchange markets where the dollar was flat against a basket of currencies, with the market subdued ahead of key U.S. jobs data due later in the day.

Gold was at $998.30 (U.S.) an ounce at 0907 GMT, compared with $998.50 an ounce on Thursday.

If non-farm payrolls come in weaker than the expected 180,000 job losses, it could renew fears about recovery in the world's largest economy and bolster the U.S. dollar, seen as a safe haven.

Gold is often viewed as an alternative to holding the dollar and benefits from weakness in the U.S. currency, which makes it more affordable for those buying in other currencies.

Among other precious metals, silver was lower at $16.27 from $16.32. Platinum was at $1,270 from $1,277.5 and palladium was at $289 from $287.50.

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Copper slips below $6,000


LONDON - Copper prices slid on Friday as investors sold industrial metals after a batch of economic data from the United States eroded confidence and reinforced worries about demand prospects.


Benchmark copper on the London Metal Exchange was trading at $5,930 (U.S.) a tonne at 0932 GMT from $5,985 at the close on Thursday. The metal used in power and construction is down about 10 per cent since a 10-month high of $6,549 on August 28.


Weaker-than-expected September manufacturing data from the United States, the world's largest economy, triggered the sell-off on Thursday.

Nickel, stainless steel ingredient nickel, was at $17,375 a tonne from $17,425 on Thursday.

Zinc at $1,884 from $1,913 and tin at $14,150 from $14,200.

Tin earlier fell to a one-month low of $13,700 on market talk that a dominant position controlling more than 90 per cent was being scaled back.

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Oil slides below $70


Oil prices slid below $70 (U.S.) a barrel Friday as signs of a sluggish U.S. economic recovery discouraged stock and crude investors.


By midday in Europe, benchmark crude for November deliver was down 95 cents at $69.87 in electronic trading on the New York Mercantile Exchange. The contract added 21 cents to settle at $70.82 on Thursday.


Crude has hovered around $70 for months amid mixed signals about the strength of the U.S. economic recovery. On Thursday, poor economic data sparked a sell-off in U.S. stock markets.