Gold Ends Friday 3.5% Lower for the Week; London Gold Market Closed Monday for UK Holiday - Monday 5th May 2008
From Chris Mullen at GoldSeek.com...
Gold Prices briefly spiked down to $845.70 on Friday after the US jobs report gave the Dollar a lift.
Non-Farm Payrolls fell by 20,000 in April according to the Bureau of Labor Studies, less than the 75,000 loss forecast by Wall Street analysts.
The BLS net birth/death adjustment, however, added 267,000 payrolls to April’s data.
Also making economic news Friday was a huge increase in the Federal Reserve’s Term Auction Facility. In an effort to make banks lend at lower rates and try to solve the credit crisis or perhaps prepare for more turmoil to come, the US central bank boosted its bi-weekly auction of cash to the big New York banks by 50%, raising it to $75 billion.
The Fed also expanded the range of collateral it’s willing to accept as security for these loans.
The Gold Market quickly recovered its initial losses on the jobs data, trading modestly higher for the rest of trade and ended near its high of $859.20 for a gain of 0.84%.
For the week, Gold slipped 3.5%. The center of the world's Gold Market, London is closed for the national May Bank Holiday on Monday.
Back in Friday’s action, the US Dollar index rose and Treasuries fell. The Dow, Nasdaq, and S&P started off nicely higher on the jobs report, but all three indices fell off to end mixed on increasing skepticism over the validity of the jobs report.
Crude oil gained nearly $4 despite the higher Dollar as supply concerns reignited on news that Turkey bombed Kurdish bases in Iraq.
Silver momentarily dropped to $16.04 early Friday before it made a high of $16.502 and closed with a gain of 1.6%.
The Gold Price in Euros rose to about €556, platinum gained $30 to $1893, and copper gained over 13 cents to about $3.86.
Gold and silver equities rose over 2% by late morning before they cut into their gains in afternoon trade, but they still ended with over 1% gains.
Upcoming economic data this week include ISM Services on Monday, Productivity, Pending Home Sales, and Consumer Credit on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and the Trade Balance on Friday.
Looking to Buy Gold online today? For direct access to live Gold Market prices, enjoying ultra-safe storage offshore in Zurich, Switzerland for just $4 per month, click through to BullionVault here...
Gold Prices briefly spiked down to $845.70 on Friday after the US jobs report gave the Dollar a lift.
Non-Farm Payrolls fell by 20,000 in April according to the Bureau of Labor Studies, less than the 75,000 loss forecast by Wall Street analysts.
The BLS net birth/death adjustment, however, added 267,000 payrolls to April’s data.
Also making economic news Friday was a huge increase in the Federal Reserve’s Term Auction Facility. In an effort to make banks lend at lower rates and try to solve the credit crisis or perhaps prepare for more turmoil to come, the US central bank boosted its bi-weekly auction of cash to the big New York banks by 50%, raising it to $75 billion.
The Fed also expanded the range of collateral it’s willing to accept as security for these loans.
The Gold Market quickly recovered its initial losses on the jobs data, trading modestly higher for the rest of trade and ended near its high of $859.20 for a gain of 0.84%.
For the week, Gold slipped 3.5%. The center of the world's Gold Market, London is closed for the national May Bank Holiday on Monday.
Back in Friday’s action, the US Dollar index rose and Treasuries fell. The Dow, Nasdaq, and S&P started off nicely higher on the jobs report, but all three indices fell off to end mixed on increasing skepticism over the validity of the jobs report.
Crude oil gained nearly $4 despite the higher Dollar as supply concerns reignited on news that Turkey bombed Kurdish bases in Iraq.
Silver momentarily dropped to $16.04 early Friday before it made a high of $16.502 and closed with a gain of 1.6%.
The Gold Price in Euros rose to about €556, platinum gained $30 to $1893, and copper gained over 13 cents to about $3.86.
Gold and silver equities rose over 2% by late morning before they cut into their gains in afternoon trade, but they still ended with over 1% gains.
Upcoming economic data this week include ISM Services on Monday, Productivity, Pending Home Sales, and Consumer Credit on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and the Trade Balance on Friday.
Looking to Buy Gold online today? For direct access to live Gold Market prices, enjoying ultra-safe storage offshore in Zurich, Switzerland for just $4 per month, click through to BullionVault here...
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