Monday, 5 October 2015

Gold futures - weekly outlook: October 5 - 9

Gold rallied on Friday after data showing that the U.S. economy added far fewer jobs than expected last month indicated that interest rates are likely to remain on hold until early next year. Gold for December delivery jumped 2.17% to $1,137.9 in late trade on the Comex division of the New York Mercantile Exchange. For the week, though, gold futures ended down 0.78% after falls earlier in the week amid uncertainty over how soon the U.S. central bank will start to tighten monetary policy. The Labor Department reported that the U.S. economy added just 142,000 jobs last month, well below expectations of the 201,000 expected by economists. August's reading was revised down to 135,000, from the initial reported figure of 173,000. Average hourly earnings were flat month-on-month and the labor force participation rate fell to just 62.4%, down from 62.6% in August. The unemployment rate was unchanged at 5.1%, in line with forecasts.

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1 comment:

  1. The Sensex is up 312.81 points or 1.2 percent at 26533.76 and the Nifty is up 84.95 points or 1 percent at 8035.85.

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