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Gold Consolidates on Positive Job Numbers

Release Date: 
Friday, November 2, 2012

Gold prices fell sharply on the New York Spot Market in morning trading following payroll data which showed employers added nearly 50,000 more jobs than expected. “The dollar got a boost on the upside, and so gold saw some long liquidation and some stops were hit," the head of trading at MKS Finance told Reuters.

As of 9:00 a.m. PT, gold was trading at $1684, down $32. Silver fell to $31.26, down $1.

Traders remain bullish on gold according to a Bloomberg survey of 27 analysts with eighteen expecting gold to rise next week. “Central banks are all very concerned about a depression, so they’re keeping monetary policies as loose as possible,” said the executive director of GoldCore Ltd. “People are buying gold as a store of value to protect against currency depreciation.”

Gold importers are reportedly stocking up on gold due to lower prices as India approaches the height of its festival season. “We are entering a seasonally strong time of physical demand from India, which should help support price,” explained Tom Essaye, editor of a daily commentary on equity and commodity markets,.

If you have questions or would like to acquire gold or silver, Goldline’s Account Executives are here to help. Call us today at 866-867-4466.

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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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