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Updated 03:18 22/09/20

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Gold price surges as hopes of U.S. rate hike fade

Duncan Richardson, News Editor
5 Oct 2015, 11:11 a.m.

The gold and silver price surged on Friday after poor U.S. jobs data blew apart the assumption the Federal Reserve will raise rates in 2015. The gold price surged £20 in 15 minutes and peaked at just over £750 an ounce, a 2.5% jump. The silver price also jumped to over £10 an ounce, increasing 5% since 1pm.

The U.S. labour participation rate fell to a 40 year low as a further 500,000 Americans decided to exit the jobs market. Analysts are now expecting the Fed to delay any interest rate rise until 2016. This is excellent news for gold which usually rises in a low interest rate environment.

With 94.6 million Americans out of the labour force many are now questioning the health of the world’s largest economy. With U.S national debt now exceeding $18 trillion or $56,399.91 per person many doubt the U.S. economy will ever recover.

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