Investing.com - " Gold prices held steady on Monday in early
Asian trade, recovering slightly from a sharp drop last week as
demand for dollars rose in the wake of a stronger than expected
U.S. jobs report.
Gold futures for December delivery on the Comex division of the New
York Mercantile Exchange traded at USD1,287.50 a troy ounce, down
0.04%, hovering between positive and negative territory. Gold
futures for December settled 1.8% down at USD1,284.60 an ounce on
Friday, the lowest settlement since USD1,282.30 an ounce on Oct.
The world's top two gold importers, India and China, have not
stepped up purchases on price dips recently, apparently waiting on
more clarity on U.S. Federal Reserve monetary policy.
The Bureau of Labor Statistics reported earlier that the U.S.
economy added 204,000 jobs in October, far surpassing expectations
for a 125,000 increase.
The figures fueled market sentiments that the Federal Reserve could
announce plans to scale back its USD85 billion in monthly asset
purchases possibly as soon as December.
Asset purchases aim to spur recovery by driving down long-term
interest rates, weakening the dollar in the process, and talk of
their dismantling strengthens the U.S. currency and thus weakens
The better-than-expected October jobs report came a day after
official data showed that the U.S. economy grew 2.8% on year in the
third quarter, well beyond expectations for 2.0% growth.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new Investing.com
Stocks & Finance App