click for commentary USAGOLD News, Commentary and Analysis
Evening Market ReportGold reverses higher after disappointing jobs data
The COMEX December gold futures contract closed up $10.30 Friday at $1345.30, trading between $1325.60 and $1350.80
October 8, p.m. excerpts:
(from TheStreet) -- Gold prices were lower in early trading as investors took profits headed into the weekend, but started to rally ahead of the jobs number as bargain-hunters emerged and then popped after a weak unemployment reading in the U.S. The Labor Department said that total nonfarm payrolls declined by 95,000 in September, which was much worse than expected, and August's numbers were revised downward. This result could be a green light for the Federal Reserve to embark on another round of quantitative easing...more
(from Marketwatch) -- Expectations that the Fed will take steps to boost the U.S. economy weighed negatively on the dollar, providing support for gold. The U.S. currency hit a fresh 15-year low against the Japanese yen, with the dollar index down 0.1% to 77.33. The dollar has plumbed multi-year lows on mounting expectations the Fed will provide monetary stimulus when it meets in early November. Gold futures rallied to end in the black, but stopped $2.40 short of a fresh record...more
(from Bloomberg) -- 
December gold rose 0.8% on the Comex, gaining 2.1% on the week. Earlier, futures fell as much as 0.7%, mirroring swings in the dollar. The greenback headed for its fourth straight weekly decline against a basket of major currencies. "The uptrend in gold continues because the dollar just continues to lose ground," said Matthew Zeman, metal trader at LaSalle Futures Group. "There's more downside in the dollar. The jobs number just reinforces the fact that we'll see more quantitative easing."...more (from Dow Jones) -- As eyes have turned toward the Fed, other nations have also been embarking on monetary easing measures in attempts to support their exporters. This has also led to buying in gold as a broader alternative currency. "Everyone's trying to devalue their currencies; no one's sure who's going to win," said Craig Ross, vice president of ApexFutures.com. "So do you want to be in paper, or in a metal that at least isn't going to hurt you no matter who wins?"...more
ليست هناك تعليقات:
إرسال تعليق