Arab Today, arab today gold shines on us jobs data
Last Updated : GMT 21:56:28
Arab Today, arab today
Arab Today, arab today

Gold shines on US jobs data

Arab Today, arab today

Arab Today, arab today Gold shines on US jobs data

Three .9999 fine gold bars
London - AFP

Gold, seen as a haven investment, rallied on Friday as weaker-than-expected US jobs data weighed on the dollar.

The precious metal, which had fallen for most of the week, shot higher as the poorly-received employment figures meant that the Federal Reserve was unlikely to kick-start before the end of the year a campaign of raising US interest rates, according to analysts.

"Gold prices soared, coming off a five-day losing streak and erasing losses from the past three days... on the reduced chance of a US rate hike following the surprise deceleration in US job creation," noted Jasper Lawler, an analyst at trading group CMC Markets.

By Friday's late fixing on the London Bullion Market, an ounce of gold traded at $1,140.75 an ounce, up from $1,119 on Thursday.

Gold was however down over the week, having finished at $1,146.65 an ounce the previous Friday.

The US job market faltered in September and hiring in prior months was slower than thought, the Labor Department said Friday in a report pointing to a slowing economy.

The September jobs report gave a downbeat picture of the jobs market as the Federal Reserve considers its first interest-rate hike in more than nine years, and suggested the economy was being impacted by concerns about China's economic slowdown, which has roiled financial markets in recent months.

US jobs growth came in at 142,000 jobs in September, well below analyst estimates of 205,000.

The data weighed on the dollar, making commodities prices in the US unit, such as gold, cheaper for holders of rival currencies, boosting demand.

In late European trading, the euro jumped to $1.1263, up from $1.1187 late on Thursday in New York.

Gold is generally seen as a haven investment in times of economic uncertainty, although the precious metal has come under heavy pressure as the dollar strengthened on expectations of a US rate hike.

"The disappointing US jobs report for September will clearly do little to improve investor confidence in the global economy," said Melanie Debono at research group Capital Economics.

"Yes, it will probably delay the first interest rate hike from the Fed until early next year... In the meantime, the few winners include safe-haven government bonds and gold."

Friday's respite comes as gold has been hit also by weaker demand from China, the world's second biggest economy after the United States.

Concerns that China -- which accounts for one out of every eight dollars of world gross domestic product -- is slowing more than thought sent world markets into a tailspin in recent weeks as investors fretted about its impact on global growth.

Looking ahead however, and according to Fawad Razaqzada, analyst at dealers Gain Capital, "a pickup in inflation should boost the appeal of gold". This is because gold is seen as a good store of value amid rising prices for goods and services.

The Federal Reserve has repeatedly said it wants to see more indications of tightening in the jobs market -- including both rising wages and incomes -- and prices before it begins moving interest rates higher toward a more normal policy stance.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold shines on us jobs data Arab Today, arab today gold shines on us jobs data

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday