Gold Tries To Stabilize Post Friday’s Winning Jobs Report; Ends Near Steady

The marketplace was still buzzing about last Friday’s surprisingly strong U.S. employment report from the Labor Department, which showed non-farm payrolls rose by 271,000 in October. Gold was no exception and was trying to recover after hitting a 3-month low on Friday.The metal ended the U.S. day session near steady in the cash market and slightly up in the futures market Monday. December Comex gold was last up $1.30 at $1,089.00 an ounce. ‘The surprising strong number generated heavy selling in the metals complex taking $25 off the value of gold within minutes. Gold finally found buying interest at the $1,087 support band and on [Monday] is seeing some bargain hunting buying,’ says Peter Hug, the global trading director for Kitco Metals in an interview on Monday. ‘The employment number was seen as a guarantee that the Fed would move in December, but we remain outside of that camp,’ he stressed. Hug said the primary issue remains deflation and until growth prospects begin to improve in Europe and the Far East, he suspects the U.S. Federal Reserve will remain on hold. ‘Gold will need to hold the $1,087 level and consolidate in the near term. The technical damage is severe and a break above the $1,105 level is required to re-establish an upward bias,’ he said. Kitco News, November 19, 2015.

Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: http://www.kitco.com/newsletter

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews

Categorised as: interesting

Posted by: Clefor1958

Comments are disabled on this post

Comments are closed.

Disclaimers – All content here is NOT presented as investment advice; LessThunk is NOT endorsing any website or specific investment by displaying external links.

We may or may-not (coincidentally) hold some quantity of stock or other investment related to any given post, no endorsement is implied in any sense.