Morning Snapshot: Gold Choppy, Straddling $1300

03-Nov (USAGOLD) — Gold has been rather choppy thus far today. Probes back above $1300 in overseas trading have proven unsustainable thus far, but there seems to be buying interest on the dips.

The BoE held steady on policy today as was expected, but they dropped their dovish guidance. That put a bid under sterling, which is helping to keep the dollar on the defensive.

U.S. data was mixed. Preliminary Q3 productivity came in at a strong +3.1%, well above expectations of +1.8%. However, unit labor costs were below expectations and initial jobless claims for last week were higher than expected.

Focus now shifts to tomorrow’s jobs report and of course Tuesday’s election. Both the short term bias and the trend for the year remains positive.