September Jobs Report Sparks Gold Rally

September Jobs Report Sparks Gold Rally

September Jobs Report Sparks Gold RallyLos Angeles CA, October 6 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Friday after September Jobs Report sparks Gold rally. The yellow metal is up 0.40 percent to $1,272.90 an ounce after easing $4.50 on Thursday to close at $1,267.80.

Silver is up 0.48 percent to $16.66 an ounce after adding $0.02 on Thursday to close at $16.58. The Gold/Silver ratio fell to 76.47 as Silver outperformed Gold. Platinum is down 0.33 percent to $910.00 an ounce. Palladium is down 1.07 percent to $924.00 an ounce.

Gold hit two-month lows in early trading on Friday before rebounding following the release of the Jobs Report which fell 33,000 in September. The last time the Jobs Report recorded a monthly drop in jobs created was in 2010 at the end of the Great Recession.

Because the latest report was skewed by the impact of hurricanes it “means nothing about anything,” according to Brown Brothers Harriman. The dollar weakened on the news and equities lost traction ahead of the long holiday weekend.

The good news is, we believe physical demand will return next week when Asian markets reopen after their holiday.

Afshin Nabavi, of MKS (Switzerland) SA, expects Gold to advance after Chinese market participants return from their week-long holiday. After all, China and India are the top two Gold consumers in the world.

“(There was) more quiet trading in Asia today as the Chinese enjoy the final day of their Golden Week holiday,” said MKS in a note.

Gold Could Bounce Next Week

Meanwhile, Daniel Pavilonis, of RJO Futures, looks for a bounce in Gold next week as other markets take a breather. “Gold sold off quite a bit and we’re coming into support,” said Pavilonis. Adding later, “If inflation is going up, then typically Gold goes up too. I’ve noticed that every time we’ve raised rates, Gold has gone up ahead of that.”

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