Gold Falls 0.9% as Stocks Tumble, Dollar Rises on Poor US Data
From Chris Mullen at GoldSeek.com...
Gold rose to see slight gains in late Asian trade on Friday, but it then steadily fell off for the rest of trade in London and New York and ended near its low of $997.20 with a loss of 0.9%.
Silver rose over 9 cents to $16.712 by about 10:00am in New York, but it then fell back to $16.369 by noon, and ended with a loss of 1.3%.
Oil rose slightly on hopes for sustained energy demand while the US Dollar index and Treasury bonds gained on safe-haven buying after mostly poor economic data sent the Dow, Nasdaq, and S&P more than 2% lower on the day.
The Gold Price in Euros fell to €678.
Platinum lost $12.50 to $1279.50, and copper fell over 8 cents to about $2.73. Gold Mining and silver equities fell throughout US trade and ended with about 5% losses.
Personal US Incomes and Spending both showed larger-than-expected rises for August, as did Construction Spending and Pending Home Sales.
But Initial Jobless claims for last week rose sharply, while September's ISM Manufacturing Index fell markedly.
Friday at 08:30 EST brings September's US jobs data, with Non-Farm US Payrolls expected down 180,000 and the Unemployment Rate expected at 9.8%.
Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 33.1.
At 10:00 comes the Factory Orders report for August, expected up 0.5%.
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