Gold Prices Rise to Four-Week High Amidst the Slow U.S. Jobs Growth

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Gold Prices Rise to Four-Week High Amidst the Slow U.S. Jobs Growth
Gold Prices Rise to Four-Week High Amidst the Slow U.S. Jobs Growth

Gold Prices Rise to Four-Week High Amidst the Slow U.S. Jobs Growth

This third session has started with gold showing a price rise – four-week high – amidst the unexpected slow job growth in the U.S. that could make the Fed thin its historic monetary stimulus to balance the market scenario.

On the other side, the U.S. jobs growth are speculated to slow down because of the unexpected cold weather hitting America, reducing job opportunities in developed sectors such as transportation and construction and prompting Feds to taper its monetary. They have previously cut down a whopping $85 billion monthly bond purchases in order to ensure stability of the U.S. economy.

In the wake of the event, President Barack Obama has nominated Former Governor of Bank of Israel Stanley Fischer the chair of the Vice Chairman of Federal Reserve, and has further appointed two more employees on the top ranks of the U.S. Central Bank.

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The gold price is likely to shift to normal once the U.S. jobs grows with a decent number.

Current Fundamental Analysis

By 0018 GMT, Spot Gold rose to its highest since Dec 16, 0.1 percent to $1,248.39 an ounce. A rippling effect was sent to other metals with Spot Silver rising 0.4 percent to 20.19 with the change of 0.08, Spot Platinum falling 0.09 percent to 1432.25 with a change of -1.25, Spot Palladium rising 0.54 percent to 743 with a change of 4, Comex Gold rising 0.1 percent to 1248.2 with a change of 1.3, and Comex Silver falling 0.06% to 20.21 with a change of -0.01.

Comex Gold and Silver Contracts have been the most active ones this month.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com