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Gold Slips, Silver Gains as US Dollar Rallies Ahead of Jobs Data

Friday, 1/08/2010 08:31

From Chris Mullen at GoldSeek.com...

Gold fell as much as $8.10 to $1128.20 in early London trade on Thursaday before it chopped back higher in New York.

The Gold Price still ended with a loss of 0.4% on the day vs. Dollars. The Euro Gold Price rose above €791 an ounce as the single currency fell.

Silver dropped as low as $18.02 before it also climbed back higher in New York and ended near its late morning high of $18.33 with a gain of 0.8%.

Platinum gained $2 to $1550, and copper fell over 6 cents to about $3.41.

Gold Mining and silver equities fell nearly 2% in the first hour of trade before they rebounded slightly, but they still ended with almost 1% losses.

Oil fell slightly on demand worries after China's central bank surprised markets by raising its interest rate in a three-month bill auction.

The US Dollar index rose after comments from the Japanese finance minister caused the Yen to drop markedly.

Treasuries fell while the Dow, Nasdaq, and S&P remained near unchanged as traders positioned themselves ahead of tomorrow's jobs data.
Initial US Jobless Claims for last week were below expectations.

Friday at 08:30 EST brings December's US jobs data. Non-Farm Payrolls are expected down 35,000, with the Unemployment Rate expected at 10.0%.

Hourly Earnings are expected up 0.2%, and the Average Workweek is expected at 33.2 hours.

At 10:00 comes the Wholesale Inventories report for November, expected  down 0.3%, and at 15:00 is Consumer Credit for November, expected to show a $5.0 billion contraction.

How best to Buy Gold today...?

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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.

See the full archive of Chris Mullen articles

 

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News, RSS links are shown there.

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