Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) headed the FTSE 100's risers on Friday as gold ticked up ahead of US job data later in the day.
Shares in the gold-focussed miner climbed 3.8% early on as prices of the yellow metal remained elevated at US$2520 per ounce, having risen 0.2%, before the non-farm payroll figures at 1.30pm UK time.
Expectations are for 160,000 jobs to have been added to the US economy in August, with a miss in last month’s reading sending global markets into freefall.
This was as the weaker data prompted fears over recession in the world’s largest economy, on concerns the Federal Reserve had held interest rates high for too long.
Pointing to futures showing a negative start for Wall Street on Friday, alongside the uptick in gold prices, AJ Bell analyst Russ Mould noted investors were “extremely nervous”.
“The Federal Reserve looks hard at employment trends when it decides on interest rates,” he added, with any surprises in Friday’s data threatening to change the course of cuts, which are expected from this month, in the latest potential boost for gold.