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Gold Rises on Disappointing Job Data

Industry News 09:27:18AM Feb 04, 2013 Source:SMM

CHICAGO, Feb. 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Friday on disappointing job data.

The most active gold contract for April delivery rose 8.6 dollars, or 0.52 percent, to settle at 1,670.6 dollars per ounce.

Despite a monthly loss in January, Gold closed this week nearly 0.9 percent higher than a week ago.

Gold traded higher after the U.S. Labor Department put January unemployment rate at 7.9 percent, slightly up from 7.8 percent in December.

However, the department also said an additional one third of a million jobs were added in 2012 than previously expected.

However, some other positive economic figures released later Friday limited the gains.

The Institute for Supply Management index rose to 53.1 percent in January from 50.2 percent in December, the highest level since April; the University of Michigan-Thomson Reuters sentiment gauge rose to a final January reading of 73.8, up from 72.9 in December.

Business conditions for Chinese manufacturers also showed significant improvement in January. The HSBC manufacturing Purchasing Managers Index for January came at 52.3, up from the December reading of 51.5.

Credit Suisse warned Friday that dollar-denominated gold prices may have peaked in 2011 for the current trading cycle.

Silver for March delivery gained 60.7 cents, or 1.94 percent, to close at 31.958 dollars per ounce. Platinum for April delivery rose 12.3 dollars, or 0.73 percent, to close at 1,687.7 dollars per ounce.

 

Key Words:  Gold futures 

Gold Rises on Disappointing Job Data

Industry News 09:27:18AM Feb 04, 2013 Source:SMM

CHICAGO, Feb. 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Friday on disappointing job data.

The most active gold contract for April delivery rose 8.6 dollars, or 0.52 percent, to settle at 1,670.6 dollars per ounce.

Despite a monthly loss in January, Gold closed this week nearly 0.9 percent higher than a week ago.

Gold traded higher after the U.S. Labor Department put January unemployment rate at 7.9 percent, slightly up from 7.8 percent in December.

However, the department also said an additional one third of a million jobs were added in 2012 than previously expected.

However, some other positive economic figures released later Friday limited the gains.

The Institute for Supply Management index rose to 53.1 percent in January from 50.2 percent in December, the highest level since April; the University of Michigan-Thomson Reuters sentiment gauge rose to a final January reading of 73.8, up from 72.9 in December.

Business conditions for Chinese manufacturers also showed significant improvement in January. The HSBC manufacturing Purchasing Managers Index for January came at 52.3, up from the December reading of 51.5.

Credit Suisse warned Friday that dollar-denominated gold prices may have peaked in 2011 for the current trading cycle.

Silver for March delivery gained 60.7 cents, or 1.94 percent, to close at 31.958 dollars per ounce. Platinum for April delivery rose 12.3 dollars, or 0.73 percent, to close at 1,687.7 dollars per ounce.

 

Key Words:  Gold futures