Otmane El Rhazi from
The Bullion Desk.
- The gold price jumped above the psychological $1,155 level on Friday afternoon before retreating after US non-farm payrolls data undershot, which weighed on the dollar.
- Spot gold was last $8 higher at $1,147.90/1,148.60 per ounce on Thursday’ close after spiking up to $1,158.50, with the dollar last at 1.2374 against the euro, off earlier lows, after the US added just 214,000 jobs last month. This was down from 248,000 jobs in September and below the predicted 235,000.
- The physical gold market in China has completely dried up, with local sources telling FastMarkets that prices will have to fall towards $1,100 to really spur buying.
- ICE has been chosen to administer the London gold fix, beating off competition from the likes of the LME and CME – the new solution is, we’re told, likely to come into play in Q1 next year.
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