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MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: November 7 – 11

Monday, November 7, 2016 3:39
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MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: November 7 – 11

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MTECHTIPS-Gold prices reversed losses to end higher on Friday as nervousness ahead of the upcoming U.S. presidential election offset a solid U.S. jobs report for October that supported that case for a December rate hike by the Federal Reserve. Gold for December delivery on the Comex division of the New York Mercantile Exchange was up $2.5, or 0.19%, to settle at $1,305.8 a troy ounce after sliding to $1,296.7 earlier. Gold had hit high of $1,307.00 on Wednesday, the highest level since October 4. Recent opinion polls have pointed to an increasingly uncertain outcome for the U.S. presidential election, rattling global financial markets and pressuring the dollar lower. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slid 0.26% to 96.94. For the week, the index posted a fall of 1.27%. The greenback remained on the defensive despite data showing that the U.S. economy continued to create jobs at a steady pace in October, although at a slightly slower rate than forecast. The U.S. economy added 161,000 jobs in October from the prior month, the Labor Department said. The unemployment rate ticked down to 4.9% last month from 5% in September. Economists had expected 175,000 new jobs and a jobless rate of 4.9%. The data supported the view that the U.S. central bank will hike interest rates at its next policy meeting in December. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.

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