Gold News

Gold Ends Week 2.8% Down, Wall Street Up 3%, US Continues to Shed Jobs

From Chris Mullen at GoldSeek.com...

The Gold Price dropped $12.05 to $895.15 an ounce early Friday, but after the morning's US jobs report it quickly rebounded to see a gain at $909.30

US non-farm employment fell 663,000 in March, the Bureau for Labor Statistics said. The Net Birth/Death adjustment for small company start-ups added 114,000 payrolls to March's data.

The Unemployment Rate rose to a new 25-year high.

The Gold Price then fell back off for the rest of the day and ended near its new session low of $894.65 with a loss of 1.2% for the session and 2.8% for the week.

The Gold Price in Euros fell to €667, while the US Dollar index fell slightly and Treasuries plummeted on worries over the upcoming issue of new debt needed to fund bailouts and other measures.

Crude oil fell on continued worries over demand, but the Dow, Nasdaq and S&P traded mixed and ended slightly higher as traders digested the jobs data and this week’s earlier gains.

For the week, however, US stocks were markedly higher, up more than 3% on the S&P and 5% higher on the Nasdaq.

Platinum gained $0.50 to $1152.5, and copper gained over 11 cents more to about $2. Silver fell to as low as $12.66 as the US jobs report was released before it rebounded back near unchanged in the next couple of hours of trade, but it also fell back off into the close and ended with a loss of 2%.

Gold Mining and silver equities fell throughout most of trade and ended with over 5% losses.

Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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