TNM names 2024 award winners: Jack and Adam Lundin, Amparo Cornejo, and Ross Beaty
The Northern Miner has named Jack and Adam Lundin as its Persons of the Year for 2024.
Gold prices advanced past the key $1,750 level on Thursday as investors sought haven after a new labor report pointed to an uneven recovery in the US jobs market.
Spot gold rose 1.7% to $1,757.38 per ounce by 11:55 a.m. EDT, its highest level in more than a week. US gold futures gained 2.1% to trade at $1,760.30 per ounce in New York.
[Click here for an interactive chart of gold prices]
Still, gold is on course for its biggest monthly loss since June, with precious metals pressured by the prospect of a pullback in stimulus measures by the Federal Reserve.
The latest labor data shows that applications for US state unemployment benefits unexpectedly rose for a third straight week, led by another surge in California. The dollar fell after the report, boosting bullion’s appeal for investors holding foreign currencies.
A worsening labor market could push the US central bank to delay reducing stimulus, which cushioned the economy from the worst effects of the pandemic and sent bullion prices to a record last year.
Gold is also “running into some renewed physical buying, with some investors looking to hedge against the economic uncertainty, rising inflation”
“This is also leading to uncertainty about Fed tapering because they want a strong job market to announce a tapering,” independent consultant Robin Bhar told Reuters, adding that any delay could be positive for gold.
Gold is also “running into some renewed physical buying, with some investors looking to hedge against the economic uncertainty, rising inflation”, Bhar said.
However, Exinity chief market analyst Han Tan warned that heightened prospects for Fed tapering, widely expected to start in November and chances of Treasury yields continuing to gain are all expected to heap more pressure on zero-yielding gold.
Bullion “really depends on the dollar and yields now,” said Daniel Pavilonis, senior market strategist at RJO Futures, in a Bloomberg note.
The precious metal and silver are also helped by “some short covering” after a selloff Wednesday, he added.
(With files from Bloomberg and Reuters)
Comments
joep de kat
In this article the gold price is going up.
Gold price shoots higher on disappointment with US labor data
And in this article silver drops
Silver price drops to lowest in a year against stronger dollar.
Anyone who believes this has no understanding of the market and the reason gold and silver fall or rise is just a word for manipulation.
Documents show that traders of the bank were in direct contact with traders of other banks and that they very regularly made agreements about manipulating the gold price and the silver price. This proves that UBS, Barclays, Merrill Lynch, BNP Paribas and Standard Chartered have also engaged in market manipulation and continues to do so.