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- Gold price declines, consolidating after Friday’s significant increase
Gold price declines, consolidating after Friday’s significant increase
Gold price declined, consolidating after Friday's significant increase. Gold price rose on Friday on speculation that the Fed will delay its interest rate hike after the release of the weak U.S. labour market data. According to the U.S. Labor Department, the U.S. economy added 142,000 jobs in September, missing expectations for a rise of 203,000 jobs, after a gain of 136,000 jobs in August. The U.S. unemployment rate remained unchanged at 5.1% in September, in line with expectations. It was the lowest level since April 2008.
Gold is traded in U.S. dollars. It suffers when the U.S. dollar strengthens, becoming more expensive for holders of other currencies.
December futures for gold on the COMEX today decreased to 1135.10 dollars per ounce.
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