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Gold price per ounce drove higher into positive territory yesterday as the end of session trading price went above the $1,400 price per ounce mark. The week in the market was down, then up, then down and up again to close the week out. The end of week report from the Labor Department sent a negative feeling throughout the investing environment in the United States yesterday and the dollar fell back. The department posted that employers added only 39,000 jobs in November which was far below expectations. The unemployment rate also grew from 9.6% to 9.8%. The unemployment rate spent several months flat lined at 9.6% and many expected to see the rate go lower after recent positive economic reports in the United States left many feeling that the economy was gaining strength and moving in a positive direction. The unemployment report brought many back to reality and precious metal commodities once again felt popular due to the reignited economic anxieties. February gold futures rose 1.2% or $16.90 to settle at a nominal high of $1,406.20 an ounce. Investors are once again moving towards the safe haven assets as the dollar showed weakness. The dollar fell against the euro, the Japanese yen and the British pound yesterday. The unemployment report was a surprise, but it was not a surprise that gold, silver and copper moved higher because of the reports. Author: Camillo Zucari
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