Investing.com - " Gold futures traded modestly lower in the
early part of Wednesday's Asian session on some profit-taking
following an impressive showing by the yellow metal on Tuesday.
On the Comex division of the New York Mercantile Exchange, gold
futures for December delivery fell 0.20% to USD1,339.90 per troy
ounce in Asian trading Wednesday. The December contract settled
higher by 2.04% at USD1,342.60 per ounce on Tuesday.
Gold got a lift after the U.S. Labor Department said the U.S.
economy added 148,000 jobs in September, well below expectations
for an increase of 180,000.
The previous month's figure was revised up to a gain of 193,000
from a previously reported increase of 169,000. July's figure was
revised down to 89,000 from 104,000. The unemployment rate in the
world's largest economy fell to 7.2% from 7.3%.
That report was delayed due to the recent government shutdown. With
the September jobs report being a disappointment, gold was lifted
because that disappointment means the Federal Reserve is unlikely
to taper its USD85 billion-a-month bond-buying program before the
late part of the first quarter of 2014.
Prior to the release of the September jobs report, concerns that
the government shutdown and accompanying default fears had may
investors betting that any decision to taper asset purchases would
come later rather than sooner, and the weak data supported those
sentiments on Tuesday.
Gold holdings in the SPDR Gold Shares, the world's largest
gold-backed ETF, expanded 0.8 percent to 878.32 metric tons
yesterday, the first increase since Sept. 19, Bloomberg reported.
Elsewhere, Comex silver for December delivery fell 0.20% to
USD22.745 an ounce while copper for December delivery lost 0.11% to
USD3.332 per ounce.
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