Gold price tumbled $17.42, or 1.1%, to $1,636.89 per ounce

The gold price tumbled $17.42, or 1.1%, to $1,636.89 per ounce on Thursday amid better than expected U.S. economic data and the European Central Bank’s (ECB) monetary policy meeting.  The price of gold extended its decline after weekly U.S. jobless claims came in at 365,000 – below the 379,000 level economists were expecting.  Silver dropped alongside the gold price, by $0.37, or 1.2%, to $30.32 per ounce.

While the price of gold has generally responded favorably to worse than expected U.S. economic data in recent years, yesterday the yellow metal showed a muted – albeit mildly negative – reaction to the ADP data.  Commenting on the implications of the employment report, Paul Ashworth – chief U.S. economist at Capital Economics – contended that Friday’s non-farm payroll data could also come in below economists’ estimates.

“Obviously, the weak ADP reading means that there are now clear downside risks to our estimate that the official nonfarm payroll employment figures will show a 175,000 gain.  Indeed, it is possible we could see a repeat of March, when payrolls increased by only 120,000.”


Related Posts Plugin for WordPress, Blogger...

KLSE Info Zone

About This Blog

Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi

Blog Malaysia


  © Free Blogger Templates 'Greenery' by Ourblogtemplates.com 2008

Back to TOP