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MTECHTIPS:-Gold Futures – Weekly Outlook: October 10 – 14
MTECHTIPS- Gold prices ended lower on Friday, reversing earlier gains, as disappointing U.S. employment data was seen as unlikely to alter the Federal Reserve’s plan for raising interest rates before the end of the year. Gold for December delivery on the Comex division of the New York Mercantile Exchange dipped $1.10, or 0.09%, to settle at $1,251.90 a troy ounce by close of trade. The contract slumped to $1,243.20 earlier in the session, a level not seen since June 7, before climbing to as high as $1,267.60 in the immediate aftermath of weaker-than-expected U.S. nonfarm payrolls data. The U.S. economy added 156,000 jobs last month, down from a gain of 167,000 in August, while the unemployment rate ticked up to 5.0%, the Labor Department said Friday. Market analysts had expected 176,000 new jobs and the jobless rate to hold at 4.9%. Hourly wages for private sector workers rose 2.6% in September from the same month a year earlier, in line with expectations. Despite the lackluster report, the slowdown was not expected to prevent the Federal Reserve from raising interest rates later this year. Markets are currently pricing in around a 65% chance of a rate hike at December’s meeting, According to Investing.com’s Fed Rate Monitor Tool. For the week, the yellow metal ended with a loss of $64.60, or 4.9%, the worst one-week performance since mid-September 2013, amid growing expectations for a December rate hike by the Federal Reserve.
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