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MTECHTIPS:- Gold prices rebound 1% after falling to 4-month lows

Monday, October 10, 2016 6:50
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MTECHTIPS:- 

Gold prices rebound 1% after falling to 4-month lows

 

Gold prices were higher during Europe’s session on Monday, as investors returned to the market to seek cheap valuations after futures fell to the lowest level in nearly four months. Gold for December delivery on the Comex division of the New York Mercantile Exchange jumped by as much as 1.2% to a session peak of $1,266.75 a troy ounce. It was last at to $1,263.75 by 3:15 AM ET (07:15 GMT), up $12.05, or 0.96%. There will be no floor trading on the Comex on Monday because of the Columbus Day holiday in the U.S. All electronic transactions will be booked with Tuesday’s trades for settlement. On Friday, gold prices slumped to $1,243.20, a level not seen since June 7, asdisappointing 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. 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%. 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 70% chance of a rate hike at December’s meeting, According to Investing.com’s Fed Rate Monitor Tool.

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