2012-05-05

Gold price turned higher after the latest U.S. jobs data came in below expectations

The gold price turned higher Friday morning, by $4.81 to $1,642.45 per ounce, after the latest U.S. jobs data came in below expectations.  The price of gold fell to as low as $1,626.93 in overnight trading, but rebounded after the April non-farm payrolls report showed job additions of 115,000 – well short of the 160,000 figure economists were expecting. Randgold Resources (GOLD) was the latest large-cap gold producer to miss analysts’ estimates.  The Company reported quarterly adjusted earnings per share of $1.01 – well beneath the $1.11 median forecast among analysts.  Royal Gold (RGLD), one of the world’s largest precious metals royalty companies, also announced worse than expected earnings results.  Shares of GOLD and RGLD finished the day down by 5.1% and 3.1%, respectively.

Commenting on the recent economic data and the potential impact on the gold price, Saxo Bank vice president Ole Hansen stated that “The focus for the next 24 hours will be the jobless report tomorrow.  The (jobless) claims were a bit lower than expected and could have done some of the damage…We are still rangebound (on gold), but people do worry that the technical picture could increasingly turn negative over the coming weeks unless we see a weak number tomorrow.”

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