[MARKET ANALYSIS] Gold rangebound ahead of US NFP; Base metals rise, led by nickel prices following an cut in output from the world's largest mine

Spot gold remains contained in a USD 4965-5086/oz band that has been formed so far this week, ahead of a busy week of tier-1 US data. Later today, the delayed US NFP report is set to be released. Markets are expecting a payroll figure of 65K, with the unemployment rate to hold steady at 4.4%. Ahead of the report, NEC director Hassett warned that slightly lower job numbers should be expected, but said this should not trigger panic. Base metals have been steadily bidding higher with 3M LME Copper reaching USD 13.25k/t. The broad-based move seems to have been driven by nickel prices. Weda Bay, the world's largest nickel mine, has been told by Indonesian authorities to cut its output by 70% in an effort to boost global prices. Indeed, LME nickel futures prices did lift higher following the report, rising from USD 17.75k/t to USD 17.95k/t but has since pared back slightly.