Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.4% but held above $1,234 as a strong jobs report boosted the dollar and pressured demand for alternative stores of value. The metal ended the week down 0.2% after hitting a three-month high yesterday.

US nonfarm payrolls added a robust 250,000 jobs in October, far more than forecasts, to keep the unemployment rate at a 48-year low of 3.7%. Gains came across the board with no sector losing jobs. Perhaps most important, wage-growth climbed sharply to 3.1%, year-over-year, for the strongest growth since the 2009 recession.

The dollar gained 0.2% against major rivals as traders speculated that the Federal Reserve will be more likely to raise interest rates again in December because of the jobs data. CME FedWatch raised the odds of a December hike to 72%, up from 67% one week ago.

Rising rates boost the dollar by attracting foreign exchange investment seeking higher yield. A stronger dollar, in turn, typically weighs on gold trade by making it more expensive overseas.

Oil fell 1% to post its fourth straight weekly loss as the White House reportedly will grant exemptions from Iranian oil sanctions to eight countries, effectively adding to the pool of global supply. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals finished higher for the day and week. Silver added 0.2% today for a weekly gain of 0.3%. Platinum gained 1.1% on the day and 4.8% on the week. Palladium jumped 1.7% today for a weekly rise of 1.3%.

At the Comex close: December gold slipped $4.50 to $1,234.10; December silver added 3 cents, to $14.81; January platinum picked up $12.90 to $872.30; and December palladium jumped $23.10 to $1,100.40 an ounce.