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U.S. payrolls data failed to provide clues on the timing of a Federal Reserve rate hike.
Gold held near the lowest in two and a half weeks on Monday after U.S. payrolls data failed to provide clues on the timing of a Federal Reserve rate hike, and most U.S. markets were closed for the Labour Day holiday.
Spot gold was down 0.2% at $1,119.7 an ounce at 7:00am ET, while U.S. gold futures for December delivery were down $1.00 an ounce at $1,120.40.
The precious metal has dropped around 12% in the past year, largely on expectations for a rise in U.S. interest rates, which would curb the appeal of the metal because it doesn’t pay interest like other assets such as bonds.
Friday’s highly anticipated non-farm payrolls report showed the U.S. economy added fewer jobs than expected last month, though the unemployment rate dropped to the lowest since 2008.
Gold finished Monday’s short session, which closed at 1:00PM ET, at $1,118.9 an ounce.
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Comments
Bob
Really Cecilia, thanks for regurgitating the party line. The fictitious jobs report is a joke, and if anything was favorable to gold. The holiday doesn’t have anything to do with anything that matters.
The similarly repeated party line this morning was how equities were “soaring” during which time gold got monkey hammered, only to find out the market drops another 200 plus points … of course without any corresponding adjustment to the precious metal prices.
If you were any kind of a JOURNALIST you’d be all over that, but no. Just repeat the party line, collect your check, and pat yourself on the back.
Judas’ price was 30 pieces of silver. What was your price cecilia?