US Jobs Data Spike Gold Futures

With US payrolls climbing less than projected last month, gold futures have spiked to their highest prices in three weeks.  This speculation is of the outlook the Federal Reserve will continue its monthly monetary stimulus to boost economic growth.

The US Dept. of Labor data showed today an additional 148K workers came in after a revised 193K rise for August.  Economists that were initially surveyed for the October 4th release called for only a 180K increase.
Mason Ching, Automated Trading Manager at Global Futures Exchange & Trading Company in Encino, CA, had this to say regarding the current gold futures situation,Gold prices are up after the US government reported a slowdown in hiring last month, in my opinion this may raise expectations that more stimulus from the Federal Reserve will keep the dollar weak and interest rates low.”

The trend for gold futures, although still technically down, is working its way higher.  With gold futures at a crossroads, the sidelines may be most appropriate until a clearer picture emerges.


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