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Gold Slightly Lower, Hits 7-Week Low; U.S. Jobs Data On Deck
Nov 6,2015 15:35CST
industry news
Source:SMM
Gold prices fell to seven-week lows on US trading session Thursday. The prices managed to hold on to the crucial support of $1,100 per Oz.Gold Slightly Lower.

By Paul Ploumis (ScrapMonster Author)
November 06, 2015 02:54:04 AM
Gold prices fell to seven-week lows on US trading session Thursday. The prices managed to hold on to the crucial support of $1,100 per Oz.Gold Slightly Lower, Hits 7-Week Low; U.S. Jobs Data On Deck
(Kitco News) - Gold prices ended the U.S. day session slightly lower and fell to a seven-week low Thursday. The yellow metal is now hovering just above key psychological support at $1,100.00 heading into Friday morning’s important U.S. jobs report. December Comex gold was last down $1.40 at $1,104.70 an ounce. December Comex silver was last down $0.088 at $14.97 an ounce.

Traders and investors are awaiting Friday’s U.S. employment report from the Labor Department, which is arguably the most important data point of the week, if not the month. The key non-farm payrolls number is forecast to be up around 185,000 in October, following a rise of 142,000 jobs in September. Look for active trading in many markets in the immediate aftermath of the 8:30 a.m. EST report.

The marketplace on Thursday was still digesting some more hawkish “Fed speak,” as Federal Reserve Chair Janet Yellen on Wednesday told U.S. lawmakers that a U.S. interest rate hike in December is a “live possibility.” Her remarks followed a perceived hawkish FOMC statement that came out last week. More Fed officials were speaking Thursday, including Fed Vice Chair Stanley Fischer and New York Fed President William Dudley. Rightly or wrongly, the marketplace continues to be consumed by the precise timing of the next interest rate rise in the U.S.

The U.S. dollar index surged on the Yellen comments and on some upbeat U.S. economic data. The USDX hit a three-month high Thursday. The other key “outside market” saw Nymex crude oil prices trading weaker Thursday afternoon. Crude saw solid gains Tuesday, but has seen those gains given back.

In overnight news, the European Union said Euro zone economic growth in 2015 will be 1.6% versus a forecast of up 1.5% last spring. Inflation in the Euro zone is forecast at up 0.1% in 2015, which is unchanged from the spring forecast.

The Indian government is rolling out a new plan to monetize gold in the country. The World Gold Council says the move will bolster world confidence in gold as a reserve currency. The plan encourages India’s citizens to put gold in banks, which will pay them interest.

Courtesy: Kitco News

 

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