Gold price off lows but sentiment still weak

The spot gold price recovered from its lows during Friday, October 7 trading but sentiment remains weak following hawkish comments from the US Fed and a stronger dollar.

The dollar index surged as high as 97.47 on Friday – its highest since July 27 – before settling at 96.99, up 0.3 percent on the previous day’s close.

Spot gold was last at $1,257.15/1,257.35 per oz, an increase of $1.60. It had fallen earlier this week below the psychologically and technically important $1,300 level.

On Thursday, US weekly unemployment claims for September 22-29 came in at 249,000, below the forecast of 255,000. This number, which is second-lowest since 1973, suggests that the US labour market remains strong.

And US Challenger job cuts year-over-year in September came in at -24.7 percent, beating expectations of -21.8 percent.

The market now awaits the US official payrolls report due later today – the forecast is for 171,000 jobs to have been added in September, up from 151,000 in August.

In the rest of the complex, the spot silver price was last at a little-changed $17.325/17.370 per oz. Platinum increased $2.50 to $964/969 per oz and the palladium price at $665/674 was up $4.

(Editing by Mark Shaw)

 

  

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