The Weekly Dig
Haywood Mining Team
Lower than Expected U.S. Jobs Data Spurs Late-Week Gold Rally
§ The price of gold and gold-related equities continued to fall early in the week, with the yellow metal falling towards the $1,300 level as the possibility of an earlier-than-expected rate hike in 2016 appeared more likely. This speculation was supported by positive macroeconomic data earlier in the week, with jobs data in particular suggesting employment in the U.S. continued to be robust. The gold price fell as low as 1,305 per ounce during intra-day trading on Wednesday as investors exited the gold space. However, after a rally on Thursday which saw some of these losses recouped, non-farm payroll data for August came in lower than expected; rising by 151,000 jobs last month after an upwardly revised 275,000 increase in July. This was well short if the 180,000 new jobs predicted by economists. August traditionally has been a difficult month for jobs numbers, and 2016 proved no exception, likely putting the Federal Reserve on hold for a rate hike anytime soon. Gold finished at $1,328 on Friday, while silver was up (4%) after an early week fall, finishing at 19.52 per ounce. Platinum (↓1%) and palladium (↓1.4%) were both lower, finishing at $1,064 and $680 per ounce respectively. Base metals were up this week, with copper (0.3%), nickel (2.5%), lead (3.6%) and zinc (2.05%) each finishing at $2.09, $4.54, $0.88 and $1.07 per pound respectively. The price of WTI crude fell heavily early in the week before regaining some of those losses on Friday to finish at $44.20 per barrel.
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Quelle: stockcharts.com
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