Gold Futures Prices Slumps to 1-Week Low On US Payrolls, Rate Hike Fears

Gold Prices Monthly High Amid China Struggles, On Lower US September Rate Hike Chance

Gold futures prices slipped to a 1-week low on Monday, adding to a near 2% loss sustained in previous session amid resurgent expectations of a U.S. rates hike by the end of this year 2016.

Gold for December delivery on the Comex Exchange fell to a session low of $1,337.00 a troy ounce.

Spot gold was down 0.4 per cent at $1,330.16 an ounce, after dipping to $1,329.58, the lowest since July 27.

On Friday the, gold collapsed $ 23.00, or 1.68%, after data showed the US economy created over jobs than expected in July, increasing the likelihood of a rise in interest rates by the Fed in the coming months.

The US economy is added 255,000 jobs last month, well above expectations of 180,000, the Department of Labor said Friday. June number was revised up to 292,000 jobs compared with the previous estimate of 287,000.

In the meantime, the jobless rate remained stable at 4.9%, as more people entered the labor market.

The report also showed that average hourly earnings rose the month by 0.3%, beating expectations for an increase of 0.2%. It was 2.6% in the year.

The optimistic data rekindled on speculation that the Federal Reserve will raise interest rates by this year. The fed funds futures are currently pricing in a 15% chance of a rate hike in Sept. December odds were around 44%, compared to 33% before the report.

Holdings of SPDR Gold Trust, rose by 7.1 tonnes to 980.3 tonnes on Friday, its biggest one-day inflow since late June.

For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Free Mcx Tips


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: