Gold trades near 8 week low as investors wait for jobs report
Peter Walden, News Editor
6 Nov 2015, 11:11 a.m.
The gold price has recovered after hitting a 2 month low of £720.00 per ounce on Wednesday. This week’s price decline and rally to $1,200 was cut short by the Fed after they convinced the market a rate rise is a possibility in December. Many doubt after 7 years the Fed will raise rates and increase the cost of borrowing prior to the Christmas shopping spree.
Attention has now shifted to the release of today’s U.S. non-farm report. A better than expected result would put more downward pressure on the gold price. Should the price fall through the key resistance level of $1,100 the price may well drop further and retest golds five year low of $1,082 per ounce.
Silver, platinum and palladium are all headed for their third straight weekly loss.