December futures trade slightly down

December futures fell in overnight trading to leave prices of the precious metal for December Delivery $6 lower at the opening of New York trading today (October 8th).

A better than anticipated September US payrolls report made the stock markets more bullish on Friday, with commodities like spot gold and gold futures slightly down as overnight traders tried their luck elsewhere.

December futures were down on the Chicago Board of Trade, falling $6.50 to $740.90 per ounce, but New York Mercantile Exchange trading could provide a new surge if Friday's trends persist.

As the payroll report came out, featuring news of a substantial increase in jobs over the month of September, the dollar rose against the Euro, making gold futures fall, before a renewed rally saw futures of the precious metal rise $3.40 to $747.20 per ounce.

The price of spot gold may be in for equally mixed fortunes today, with a level of $735.25 registered in New York this morning.

Those looking to buy gold bullion, either in the form of futures or otherwise, will be heartened by the fact that dips in prices have not dislodged the metal from its newfound high price level well above the $700 mark.