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MTECHTIPS:-Gold futures – weekly outlook: February 8 – 12
Monday, February 8, 2016 3:23
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(Before It's News)
MTECHTIPS:-Gold futures – weekly outlook: February 8 – 12
Gold futures ended higher on Friday, following the release of a mixed U.S. employment report for January, with the rate of job creation slowing but wage growth accelerating. Gold for April delivery on the Comex division of the New York Mercantile Exchange settled at $1,157.8 a troy ounce, up 20 cents from Thursday’s settlement of $1,157.6. The precious metal was up 5.04% for the week and has gained 10.75% for the year to date. The U.S. Department of Labor reported that average hourly earnings rose 0.5% last month and were up 2.5% on a year-over-year basis. The economy created 151,000 jobs last month, the lowest number since September and less than the 190,000 forecast by economists’. Despite the slowdown in jobs growth the unemployment rate fell to 4.9%, the lowest level since February 2008. The pick-up in wage growth bolstered the outlook for inflation and increased the likelihood that the Federal Reserve could raise interest rates this year. The dollar index rose to 96.98 late Friday, off three-and-a-half month lows hit earlier in the session.
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