Los Angeles CA, November 3 (Tangible Investments) by James O’ Dell Precious metals prices were lower on Friday as Gold dips following jobs report miss. Gold is down 0.38 percent to $1,270.70 an ounce after gaining $1.20 on Thursday to close at $1,275.50 an ounce.

Silver is down 1.08 percent to $16.91 an ounce after easing $0.01 on Thursday to close at $17.10 an ounce. The Gold/Silver ratio rose to 74.59. Platinum is down 0.65 percent to $917.00 an ounce. Palladium is down 0.40 percent to $986.00 an ounce.

Gold got a brief bounce in early trading on Friday, following the weaker-than-expected Jobs Report, but turned lower mid-morning. The Bureau of Labor Statistics reported that only 261,000 jobs were created in October.

Economists were expecting 312,000 new jobs after the September report showed 33,000 jobs were lost. The Jobs Report last recorded a monthly loss in jobs created, in 2010 at the end of the Great Recession. The September data has since been revised to show that 18,000 jobs were actually created. August’s data was also revised higher. “After revisions, job gains have averaged 162,000 over the last 3 months,” said the report.

In the meantime, the unemployment rate came in a tick lower at 4.1 percent, as more people left the workforce. The participation rate fell 0.4 percent in October to 62.7 percent.

Analysts Question Three Rate Hikes Next Year

“From a dollar perspective the December hike is a done deal, but the Fed is planning to hike three times next year and we didn’t get a hawkish shift in terms of a new Fed chair,” said Vassili Serebriakov, FX Strategist at Credit Agricole.

“The general trend for Gold over the last week has been positive, but the market will need to find a catalyst within the host of data released tonight to push through the strong resistance at $1280,” wrote MKS PAMP analyst Tim Brown, in a note.

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