* Stocks edge up as Wall Street reopens after two days
* Traders focus on Friday’s U.S. non-farm payrolls
* Gold importers in India await lower prices
By David Brough and Jan Harvey
LONDON, Oct 31 (Reuters) – Gold prices rose nearly 1 percent
to their highest in a week on Wednesday as stock markets firmed
as the New York financial markets re-opened, but were on track
to end a four-month winning streak as October drew to a close.
Prices broke back above $1,720 an ounce as U.S. traders
returned to their screens after a two-day closure following a
storm that battered the U.S. east coast.
Spot gold was at $1,723.60 at 1149 GMT, up 0.9
percent, while U.S. gold futures for December rose
$11.90 to $1,724.00. The metal remains on course for a monthly
drop of nearly 3 percent, its first one-month decline since May.
Gold hit an 11-month high above $1,795 on Oct. 5 after the
Federal Reserve unveiled new measures to boost the U.S. economy.
Stimulus measures are seen as gold-friendly, as they stoke
inflation concerns while maintaining pressure on interest rates.
However gold retreated in line with other nominally
higher-risk assets such as stocks and other commodities later in
the month, as euphoria from the move petered out, with
confidence in its rally dented by a failure to break $1,800 an
ounce.
Continued…
