Arab Today, arab today gold gains on safehaven buying
Last Updated : GMT 17:55:24
Arab Today, arab today
Arab Today, arab today

Gold gains on safe-haven buying

Arab Today, arab today

Arab Today, arab today Gold gains on safe-haven buying

New York - Arabstoday

Gold prices on Friday posted their biggest weekly rise since November 2009, after a weak US labour market report renewed fears about the health of the world\'s biggest economy and spurred safe-haven buying. US payrolls growth ground to a near halt in June, as employers hired the fewest workers in nine months, frustrating hopes that economic growth would pick up pace in the second half of the year. Instead, some analysts and investors began speculating about how quickly a next government stimulus plan might be enacted in the United States, triggering safe-haven purchases. \"I think some people are looking at the jobs data as encouraging the next level of stimulus,\" said Tom Pawlicki, precious metals analyst at MF Global in Chicago, noting that it sent gold futures up towards their next resistance level at $1,550 (Dh5693.15) per ounce. Article continues below Spot gold rose to a two-week high of $1,545.30 an ounce, then held around $1,543 for the rest of the session, up from $1,531.85 late in New York on Thursday. Spot gold prices remained near the highs into late trade, gaining 3.8 per cent, the most since early November 2009. US gold futures for Aug-ust delivery extended their gains to a fresh two-week high at $1,546, and settled $11.0 higher at $1,541.60, and added to gains in after-hours trade. Weaker-than-forecast June US employment report dashed hopes that economic growth was picking up pace. Non-farm payrolls rose by a mere 18,000, well below economists\' expectations for a 90,000 rise. The unemployment rate rose to 9.2 per cent — a six-month high. Adding to the weak tenor of the report, the department said the economy created 44,000 fewer jobs in April and May than previously thought. Peter Fertig, a metals consultant at Quantitative Commodity Research, said disappointing public-sector employment after Thursday\'s ADP report showing a strong increase in private-sector payrolls sparked safe-haven flows into gold. The dollar dropped against several currencies as the US jobs data strengthened expectations the US Federal Reserve would leave interest rates low into next year, prompting investors to embrace alternate safe-haven assets like gold. A weaker dollar also often boosts dollar-denominated assets, such as gold, because of the advantage it provides buyers outside the US. Analysts thought the dollar would likely trend lower in the week ahead in the aftermath of an abysmal US jobs report and without clear signs of progress on the approaching US debt ceiling deadline. Both factors were also likely to spur further gold buying

arabstoday
arabstoday

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 gains on safehaven buying Arab Today, arab today gold gains on safehaven buying

 



Arab Today, arab today

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 gains on safehaven buying Arab Today, arab today gold gains on safehaven buying

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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