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Gold prices pop into positive territory after weaker-than-expected Friday jobs report

Gold prices flipped into positive territory early Friday after a report on the health of the U.S. labor market came in softer than expected, providing a boost for haven bullion that has been buttressed by worries about a slowdown in the world’s largest economy.
The U.S. created a lackluster 130,000 new jobs in August, adding to evidence that hiring has slowed sharply in 2019. The increase in new jobs fell well short of the 170,000 MarketWatch forecast.
Gold for December delivery GCZ19, +0.14%, which had been retreating by nearly 1%, popped into the green, and was trading $6.40, or 0.4%, higher at $1,531.90 an ounce on Comex in recent action on Friday, but had put in an intraday low at $1,510.70. Bullion fell 2.2% on Thursday to settle at a two-week nadir. marking their biggest single-session percentage decline since June 15, 2018, and largest daily dollar loss since Nov. 11, 2016, according to Dow Jones Market Data.
MarketWatch columnist Mark Hulbert declared Thursday’s slide the beginning of a steeper retreat for gold.
Commodity experts, however, say that gold still is feeding off recession fears, which haven’t been dissuaded by recent data.
“A tepid U.S. employment report just released has breathed a bit of new life into the safe-haven metals bulls, who had been on the defensive late his week. Bullish traders also stepped in to ‘buy the dips’ in both gold and silver markets,” Jim Wyckoff, senior analyst Kitco.com, told MarketWatch.
Meanwhile, December silver SIZ19, -0.30% pared its loss, after tumbling by about 3% earlier in the session to trade off 4 cents, or 0.4%, to $18.765 an ounce. That follows a 3.8% tumble for gold’s sister metal, marking the most-active contract’s largest one-day dollar and percentage decline in more than a year.
Looking ahead, Federal Reserve Chairman Jerome Powell will get a chance to react to the jobs report in a speech in Zurich scheduled for 12:30 p.m. Eastern Time.
Upbeat data on Thursday, including a report on private-sector payrolls from Automatic Data Processing Inc., and data from ISM of nonmanufacturing, or services, which came in at 56.4%, up from the 53.7% reading in July and above the consensus estimate of 54.2% expected by economists polled by MarketWatch, helped to drive investors away from assets considered havens, including bonds and gold, and toward riskier assets like stocks.
However, the jobs report helps to support the case for a rate cut by the Fed at the conclusion of its two-day policy meeting on Sept. 18, market participants said.
“This report falls into the camp of the U.S. monetary policy doves, who want to see interest rate cuts in the coming months, including in September when the FOMC meets in less than two weeks,” said Wyckoff.
Against the backdrop of growing fears of a recession inside and outside the U.S., gold has prospered, rising 19.7% so far this year, despite Thursday’s decline. By comparison, the Dow Jones Industrial Average DJIA, +0.29% has climbed 14.6%, while the S&P 500 index SPX, +0.18% has advanced 18.6%.
Bullish traders say that fears of a market-disruptive exit by Britain from the European Union and the unresolved China-U.S. trade spat also remain key drivers for bullion.
However, some investors argue that the rally has gotten ahead of itself, drawing investors that have been zealously purchasing gold in the face of some $17 trillion in government debt that yields less than 0%. Gold benefits from lower interest rates because it doesn’t bear a yield.
Fawad Razaqzada, technical analyst at Forex.com, said “after a 4-month rally, the precious metal looks technically overbought anyway and so a correction of some sort could be due.”
Pest Credit: https://www.marketwatch.com/story/gold-heads-for-second-straight-drop-1-weekly-decline-ahead-of-jobs-report-2019-09-06
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Top 5 Websites and Stocks to Invest in

In a variety of stocks to invest in, it’s very important to find a trustworthy one. That is when our Top 5 business trading portals will assist you! We have prepared the set of those platforms that have actual and useful data available, are trusty, and can really help you in earning. Thus, we would like to share our reliable services and stocks to invest in – which one to choose is up to you upon reading this article!
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Trustworthy Bitcoin Exchange
The 2nd place is deservedly held by cex.io – the service for Bitcoin exchange that was established as the first provider of cloud mining. Since then, it has become a multifunctional cryptocurrency exchange used by over one million people.
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The Biggest Exchange in European Volume
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Gold and Silver Buyer and Seller
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At the website, one can get to know with all metal quotes, necessary data and useful charts, markets with their overviews and future development options, etc. There is a special section called ‘Jeweler resources’ for those who are keen on this topic, while users interested in mining will be glad to read the latest press releases and stock indices.
Currency Exchange of the Next Generation
And the last place for today is taken by bittrex.com! It offers as businesses, so individuals to buy and sell digital tokens and cryptocurrency. The portal is a kind of go-to spot for those traders who appreciate safe strategies, reliable wallets, and fast trade operations.
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