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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