Gold prices were seen trading higher on the first day of the trading week, driven by speculation that the Federal Reserve (Fed) could slowdown scaling back its easing policy and the release of the US jobs data which missed estimates.
Bullion for April delivery were seen higher for the second straight session, rising 0.60% higher to $1,270.50 per ounce at the time of writing, while silver futures climbed 0.87% higher, trading at $20.110 per ounce at the same time.
The US dollar index climbed 0.05% higher to 80.735 points as of the time of writing while demand in China expanded to a record last year, surging 41%, data from the China Gold Association confirmed.
Gold – US Jobs Data
On Friday, the Bureau of Labour Statistics released the US non-farm payrolls which climbed by 113,000 last month, down from analysts forecast of an 180,000 rise.
In January, the economy added 75,000 new employees. While the unemployment rate slightly dropped from 6.7% to 6.6%, the lowest since 2008.
Gold – Fed Speculation
The metal was driven by the speculation that the downbeat US non-farm payrolls could persuade the Federal Reserve to slowdown the pace of reducing its easing policy at its next meeting scheduled for March 18-19.
Janet Yellow is expected to speak before Congress tomorrow for the first time as Fed chairman, following the central bank’s statement on Jan 29 to reduce its monthly bond purchases by $10 billion.
Holdings in the world’s largest exchange trade fund, SPDR Gold Trust came in at 797.05 tones on Friday, after expanding 0.5% last week, being the first two-week increase since August. Last year holdings in SPDR declined 41%.
Gold – China Demand
Traders from China resumed from their Lunar New Year Holiday. Demand in China, which probably overtook India as the world’s largest consumer last year, climbed to 1,176.4 tones in 2013, according to China Gold Association.
China produced 428.16 tons in 2013, standing as the seventh year as the largest gold producer in the world.
Visitwww.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.
Gold prices were seen trading higher on the first day of the trading week, driven by speculation that the Federal Reserve (Fed) could slowdown scaling back its easing policy and the release of the US jobs data which missed estimates.
Bullion for April delivery were seen higher for the second straight session, rising 0.60% higher to $1,270.50 per ounce at the time of writing, while silver futures climbed 0.87% higher, trading at $20.110 per ounce at the same time.
The US dollar index climbed 0.05% higher to 80.735 points as of the time of writing while demand in China expanded to a record last year, surging 41%, data from the China Gold Association confirmed.
Gold – US Jobs Data
On Friday, the Bureau of Labour Statistics released the US non-farm payrolls which climbed by 113,000 last month, down from analysts forecast of an 180,000 rise.
In January, the economy added 75,000 new employees. While the unemployment rate slightly dropped from 6.7% to 6.6%, the lowest since 2008.
Gold – Fed Speculation
The metal was driven by the speculation that the downbeat US non-farm payrolls could persuade the Federal Reserve to slowdown the pace of reducing its easing policy at its next meeting scheduled for March 18-19.
Janet Yellow is expected to speak before Congress tomorrow for the first time as Fed chairman, following the central bank’s statement on Jan 29 to reduce its monthly bond purchases by $10 billion.
Holdings in the world’s largest exchange trade fund, SPDR Gold Trust came in at 797.05 tones on Friday, after expanding 0.5% last week, being the first two-week increase since August. Last year holdings in SPDR declined 41%.
Gold – China Demand
Traders from China resumed from their Lunar New Year Holiday. Demand in China, which probably overtook India as the world’s largest consumer last year, climbed to 1,176.4 tones in 2013, according to China Gold Association.
China produced 428.16 tons in 2013, standing as the seventh year as the largest gold producer in the world.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.
The post Gold Climbs on Fed-Taper Speculation appeared first on | HY Markets Official blog.
Related Posts: