Gold News & Info

Source:Dana Samuelson, American Gold Exchange

AustinNew York Spot gold eased lower 0.44% to close the New York session today at $2,645.80, after whipsawing first lower and then higher, following the release of today's stronger than anticipated non-farms payroll report. In the spot market gold traded as low as $2,632.67 and as high as $2,669.10 per ounce while silver hit a trading day low of $31.54 and a high of $32.94. Gold closed the week just $1.50 higher than last Friday’s close while silver gained 60 cents week on week, closing the New York session today at $32.12

According to the Bureau of Labor and Statistics, the US economy created 254,000 new jobs in September beating all analyst’s expectations. In addition to the better-than-expected new job creation, job gains for the months of July and August were revised higher by 55,000 and 17,000 jobs respectively, for a combined total upward revision of 72,000 more jobs than were previously reported. The unemployment rate fell slightly from 4.2% in August to 4.1% in September.

Federal Reserve Bank of Chicago President Austan Goolsbee praised today's report, indicating that the Fed's dual mandate of low inflation and full employment had reached the “freeze frame” sweet spot.

Both the dollar and U.S. Treasury yields surged following the release of the better-than-expected jobs report. Markets are now gaming that the Fed will be less aggressive in cutting the federal funds rate during their upcoming November and December meetings. Late in the trading session the dollar had gained 0.55% to 102.55 while the 10-Year US T-bill yield had increased 0.124 to 3.975%.

Middle east tension continued to grow with Israel continuing to hit Hezbollah targets in Lebanon, including a strike aimed at Hashim Safieddine, the heir-apparent to assassinated Hezbollah leader Hassan Nasrallah. In Iran, in a rare public speech, Iran’s Supreme Leader Ayatollah Ali Khamenei celebrated Nasrallah in Friday prayers and vowed retaliation if Israel struck Iran again. Israel has yet to retaliate for last weekend’s Iranian ICBM attack.

At the New York spot close: gold eased $11.30 to $2,645.80; silver dipped 6 cents to $32.12; platinum eased $3.40 to $989.80; and palladium edged down $2.10 to $998.50 an ounce.