Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 52 mins.Dec 04, 2019 11:08 NY Time
| Bid/Ask | 1472.60 / 1473.60 | |
| Low/High | 1471.10 / 1484.70 | |
| Change | -4.70 | -0.32% |
| 30daychg | -37.00 | -2.45% |
| 1yearchg | +234.60 | +18.95% |
| Alerts Charts |
Silver Price & PGMs
Dec 04, 2019 11:08 NY TimeKitco 10AM Silver Fix
| Silver | 16.77 | -0.37 |
| Platinum | 899.00 | -9.00 |
| Palladium | 1849.00 | +11.00 |
| Rhodium | 5400.00 | 0.00 |
Click on the metal names to
see the associated charts
(Kitco, Wed. Dec. 4th, 2019) – After seeing some early morning selling pressure, gold prices have jumped into positive territory after private sector employment grew much less than expected in November, according to private payrolls processor ADP.
Wednesday, ADP said that 67,000 jobs were created this past month, significantly missing expectations; consensus forecasts were calling for job growth of around 137,000.
The disappointing employment data has helped push gold price back to critical resistance levels. February gold futures last traded at $1,485.50 an ounce, up 0.07% on the day.
According to reports this is the weakest pace of private-sector job growth since May. Although the latest employment report puts some downward pressure on Friday’s government numbers, some economists continue to note that ADP has not been a consistent predictor for the official numbers.
Andrew Grantham, senior economist at CIBC said that the data should support U.S. bonds, pushing yields lower and also weigh on the U.S. dollar, both factors are bullish for gold.
“Today’s weak print isn’t necessarily a sign that a soft payrolls report will follow. However, what today’s number does seem to suggest is that underlying momentum in the US economy is slowing, with the 3-month average of the ADP survey (around 95K) pretty consistent with the circa 1% growth rate we are forecasting for Q4 GDP,’ he said.
Posted by :
Jack Dempsey , President
401 Gold Consultants LLC
jdemp2003@gmail.com