Gold Futures Price Closes Higher but Heads for 4th Straight Weekly Drop on Friday

Gold Futures Price Closes Higher but Heads for 4th Straight Weekly Drop on Friday

Gold futures prices fluctuated Friday morning from its lowest since early February, as investors dissected the latest U.S. economic indicators ahead of US jobs data.

Gold prices for delivery in February was at one point this morning up 0.7% at $1,177.70 a troy ounce, but also dropped as low as $1,168.40 per troy ounce.

Spot gold was up 0.2 per cent at $1,173.59 an ounce. The metal fell to its lowest since Feb. 5 at $1,160.38 in the previous session.

The unemployment rate in the United States fell to 4.6%, its lowest level in nearly a decade, while non-farm payrolls rose by 178,000. Economists had expected 180,000 new jobs and the unemployment rate from 4.9% in November. There are still about 90 million Americans who are not in the labor force of the United States, but due to structural changes over the past decade in the US economy.

President-elect Donald Trump said he believed during the campaign this summer and fall, the rate of unemployment in United States was closer in reality to 25% if those who are gloomy and no longer seeking employment, not pensioners, and included in the unemployment figures. Backup this line of analytical thinking is the figure of the unemployment report this month which points to a decline of more than 400,000 Americans out of the workforce last month.

The dollar retreated from near the highest level in 14 years of 102.05 hit on November 24 on the back of rising US Treasury yields caused by expectations of higher financial motivation and a faster pace of monetary tightening in the era of President-elect Donald Trump.

A number of decision-makers since the Fed’s confidence in the US economy and refers to the near-term prospect of a rate hike.

Holdings of SPDR Gold Trust, fell 1.54 per cent to 870.22 tonnes on Thursday. Holdings have fallen over 6 per cent last month.

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