FOCUS: #Gold Slides As #NFP Jobs Data Rekindles Taper Worries; Market To Eye Physical Demand ▸ OnKit.co/qCQTi A stronger-than-forecast report on U.S. #employment put #gold #futures under pressure early Friday as the data rekindled worries about whether the Federal Open Market Committee might start tapering its quantitative easing program yet this year after all. Now, observers said, market participants will be watching to see whether the price pullback is used as a buying opportunity by those in the physical market. Much of that demand typically comes from #India, #China and other Asian nations, and markets there are now closed until next week. U.S. #nonfarm #payrolls [#NFP] rose by 204,000 during October, the Labor Department said. This is well ahead of consensus expectations for jobs growth of 100,000 to 120,000. Further, previously reported data for September and August were revised upward by a combined 60,000 jobs. The #unemployment did tick up slightly as expected, however, to 7.3% from 7.2%. “The #jobs data came in noticeably better, and from some people’s expectations, spectacularly better than expectations,” said Sterling Smith, futures specialist with Citi Institutional Client Group. “That should equate to new nervousness about quantitative easing and the Federal Reserve tapering.” More specifically, traders now figure there is a greater chance that the #Fed could start tapering its bond-buying program, known as quantitative easing, next month, analysts said... [continued]
Posted on: Fri, 08 Nov 2013 16:00:19 +0000
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