Los Angeles CA, February 2 (Tangible Investments) — by James O’Dell — Precious metals prices turned sharply lower on Friday. Jobs Report better than expected Gold dips sharply. Gold is down 1.45 percent to $1,328.70 an ounce after gaining $3.40 on Thursday to close at $1,348.40 an ounce.
Silver is down 3.08 percent to $16.67 an ounce after easing $0.11 on Thursday to close at $17.20 an ounce. The Gold/Silver ratio rose to 78.40. Platinum is down 1.69 percent to $989.00 an ounce. Palladium is down 0.10 percent to $1,030.00 an ounce.
Gold dipped sharply in early trading Friday as the dollar rose against the euro following a stronger-than-expected U.S. jobs report. 200k new jobs were created in January which was well ahead of the 180k expected by economists. The jobless rate remained at 4.1 percent, a 17-year low.
“The report falls into the camp of the U.S. monetary policy hawks, who want to see U.S. interest rates rise at a faster pace,” said senior analyst Jim Wyckoff, of Kitco.
“April Gold futures bulls still have the overall near-term technical advantage,” said Wyckoff. “Prices are still in a six-week-old uptrend on the daily bar chart, but the bulls need to show fresh power soon to keep it in place.”
In the meantime, more investors are turning to safe-haven Gold as global stocks are set to post their biggest weekly decline in over a year. The Dow is down over 350 points to 25,828.03, at the moment.
ScotiaMocatta, in this weeks’ monthly report says that holding Gold offers some insurance, should the broader stock market correct. “Record-setting global equities may well start to wobble if inflation starts to pick up, or if bond yields/interest rates continue to rise,” said the bullion dealer.
Meanwhile, Gold demand in China was “significantly” higher in 2017, says Commerzbank. According to the China Gold Association, demand grew by 9.4 percent to 1,089 tons last year. Gold production in China declined by 6 percent to 426 tons in the same period.
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