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Gold falls to lowest level in 3 months and recorded the biggest weekly loss since mid-2013
07.11.2015
Gold prices fell to their lowest level in three months during the weekly trading biggest drop in more than two years and recorded after US data showed that job growth jumped in October, which enhances the likelihood that the Federal Reserve raises interest rates in December.
The Labor Department said that "employers in the United States added 271 thousand jobs to the economy in October, an increase that far exceeded expectations and the unemployment rate fell to 5.0 percent, the lowest level in seven and a half years."
The data pushed the dollar index to rise 1.4 percent to the highest level since April.
He said Wong Tai manager in metals trading Ba.am.ao Capital Markets in New York, "the strong jobs report dropped the gold under $ 1100 for the first time since August."
He added, "Gold is now low for eight days in a row and will remain under pressure with a sharp rise in market expectations about the chances of an increase of interest in December."
And after rising in early trading rebounded the price of gold for immediate transactions fell as much as 1.7 percent to $ 1084.90 for an ounce, its lowest level since the seventh of August, before recovering slightly to $ 1088.30 in late trading in the US market.
And decreased US gold futures December delivery 1.5 percent to a record settlement of $ 1087.70 when an ounce.
The end price of gold for immediate sale week to a loss of 4.7 percent, the biggest weekly drop since June June 2013 and remains close to its lowest level in five and a half years of $ 1 077 struck in July.
Among other precious metals silver fell 1.5 percent to 14.72 dollars an ounce and platinum fell 1.1 percent to $ 935.00 an ounce. Almadnan scored a third weekly decline in a row.
And palladium rose 1.9 percent to $ 614.00 an ounce, but ends down about 9 percent in the week, the worst weekly performance since December December 2011. Ended 29/4 e
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