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Gold Adds 2.1% for the Week vs. Dollar, Up 1% vs. Euro, as Weak US Jobs Data Points to Fresh QE by the Fed

From Chris Mullen at

The Gold Price fell over $10 to $1324.60 in London on Friday, before it spiked up to $1345.25 after the release of Sept.'s US jobs report

The BLS net birth/death adjustment added 11,000 jobs to September's payrolls, and private payrolls rose 64,000. But the headline change, down by 94,000, defied analyst forecasts of no net change.

Gold Prices then dropped back down to $1329.55 by about 09:00 Eastern, but rallied back for most of the rest of trade and ended near the late morning high of $1379.52 with a gain of 0.7% on the day.

For the week, Spot Gold added 2.1% against the Dollar, and gained more than 1% against the Euro.

Silver Prices fell as low as $22.28 per ounce in London on Friday, before also rallying back higher for most of New York trade, and ending near the late morning high of $23.29 with a gain of 2.5% at a new 30-year closing high, some 5.1% stronger for the week.

Platinum gained $6 Friday to $1700.75, and copper gained over 9 cents to about $3.76. Gold Mining and silver equities rose about 1.5% by late morning and remained near that level for the rest of the day, over 2.2% higher for the week on the XAU index.

Crude oil meantime rose as the Dollar and Treasuries fell on the unexpectedly weak US payrolls report.

The major stock indices found decent gains on hopes for fresh quantitative easing by the Federal Reserve, with the S&P adding 1.7% for the week.

Note that Canadian markets will be closed on Monday for Canada's Thanksgiving Day, and while the bond market will also be closed in the US for Columbus Day, New York's stock markets will be open.

Next week’s US economic highlights include minutes from the fed’s last meeting on Tuesday, MBA Mortgage Applications, Export and Import Prices, and the Treasury Budget on Wednesday, Initial Jobless Claims, PPI, and the Trade Balance on Thursday, and CPI, Retail Sales, the NY Fed - Empire Manufacturing Survey, Michigan Sentiment, and Business Inventories on Friday.

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Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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