Gold rallies despite US unemployment rate falling

GMT 02:48 2014 Saturday ,08 November

Arab Today, arab today Gold rallies despite US unemployment rate falling

Unemployment Falls Despite Total Jobless Rate Holding Steady
Chicago - XINHUA

Gold futures on the COMEX division of the New York Mercantile Exchange ended with a strong rally Friday on a technical rebound, even as the U.S. unemployment rate fell.
The most active gold contract for December delivery rose 27.2 U. S. dollars, or 2.38 percent, to settle at 1,169.8 dollars per ounce.
Gold prices rebounded from an over-four-year low on Friday as the U.S. dollar were depressed by downbeat nonfarm payrolls data.
The unemployment rate fell to 5.8 percent in October according to a report released on Friday by the U.S. Department of Labor. The same report, however, showed nonfarm payroll jobs increased 214,000 in October, much lower than expected.
U.S. Federal Reserve Bank Chairwoman Janet Yellen told investors on Friday that she would clearly communicate the intentions of the Fed on interest rates to prevent destabilization of the U.S. and global markets through a surprise announcement.
This past week gold fell for seven sessions in a row after the U.S. Federal Reserve announced it would conclude its bond-buying program last Wednesday.
Silver for December delivery gained 30.1 cents, or 1.95 percent, to close at 15.714 dollars per ounce. Platinum for January delivery gained 15.7 dollars, or 1.31 percent, to close at 1,212.8 dollars per ounce.

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