METALS OUTLOOK: Physical Demand Could Determine #Gold Market Direction ▸ OnKit.co/qDDH0 How the physical market reacts to gold’s drop under $1,300 an ounce Friday could determine next week’s price direction for the precious metal, market watchers said. December gold futures fell Friday, settling at $1,284.60 an ounce on the Comex division of the New York Mercantile Exchange, down 2.2% on the week. December silver fell Friday, settling at $21.317 an ounce, down 2.4% on the week. In the Kitco News Gold Survey, out of 34 participants, 18 responded this week. Of these, four see prices up, while 12 see prices down and two see prices sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts. Gold prices fell under $1,300 after a much stronger-than-expected U.S. October nonfarm payrolls report. The Labor Department said 204,000 jobs were created in October, nearly double the expectations going into the report. September and August employment numbers were revised up by a combined 60,000, while the unemployment rate rose to 7.3% from 7.2%. That was likely an effect of the shutdown. Analysts said they expected the federal shutdown to have impacted the jobs figures, but the Labor Department said survey responses appeared normal. One downside to the higher-than-expected figures was that labor participation, which showed the lowest reading since 1978. Gold market watchers said prices fell on thoughts that the stronger jobs report, along with Thursday’s higher-than-expected gross domestic product data, mean the Federal Reserve may consider tapering its bond-buying program known as quantitative easing, earlier than expected... [continued]
Posted on: Fri, 08 Nov 2013 23:00:33 +0000
Recently Viewed Topics
© 2015