Gold Backs Off 11-Month High

Source:

"Gold fell from an 11-month high hit earlier on Friday after the U.S. jobless number fell to the lowest in nearly four years, but prices steadied at lower levels as the employment data was not seen altering a low interest-rate environment."

gold newspaper

BDlive, Clare Hutchison

Gold fell from an 11-month high hit earlier on Friday after the number of US jobless fell to the lowest in nearly four years, but prices steadied at lower levels as the employment data was not seen altering a low interest rate environment.

The US Bureau of Labour Statistics reported on Friday that 114,000 workers were added to nonfarm payrolls in September.

Analysts polled by Reuters had forecast a rise of 113,000 workers.

Spot gold dipped to $1,778.10/oz after the data, having earlier touched an 11-month high above $1,795.

Prices later trimmed losses to $1,783.59 by 13.39pm GMT, down 0.3% on the day.

US gold futures were down 0.7% at $1,784.60.

Analysts said the data showed the US economy, the world’s largest, was not heading back into a recession, and had encouraged investors to take on riskier bets with stock markets rising. . .View Full Article

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe