Gold trims gain after U.S. hiring data seen keeping Fed on rate-hike path
BUZ INVESTORS Gold trims gain Gold futures on Friday pared gains but remained in positive territory after April’s strong jobs report was seen keeping the Federal Reserve on a path of higher interest rates, with another hike increasingly likely as soon as next month.
“This [jobs] report falls into the camp of the U.S. monetary policy hawks, who want to see U.S. interest rates rise at a faster pace,” said Jim Wyckoff, senior metals analyst at Kitco.
June gold GCM7, +0.08% gained $1.60, or 0.1%, at $1,230.20 an ounce, after finishing the previous session at its lowest level in seven weeks. Gold had touched $1,236 earlier Friday. The metal’s sister commodity, silver for July deliverySIN7, -0.17% gained 3 cents, 0.2%, to $16.335 an ounce, bouncing off its lowest settlement of 2017 on Thursday.
Gold trims gain
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Gold increased 1.45 USD/t oz. or 0.12% to 1,228.70 on Friday May 5 from 1,227.25 in the previous trading session. Historically, Gold reached an all time high of 1898.25 in September of 2011 and a record low of 34.83 in January of 1970.
The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. Gold Futures are available for Trading in the Commodity Exchange (COMEX) which merged with the New York Mercantile exchange in 1994 and became the division responsible for metals trading. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. However, Gold is not only a precious metal but also a commodity vital for many industries. Gold is an excellent conductor of electricity, is extremely resistant to corrosion, and is one of the most chemically stable of the elements, making it critically important in electronics and other high-tech applications. This page provides – Gold – actual values, historical data, forecast, chart, statistics, economic calendar and news. Gold – actual data, historical chart and calendar of releases – was last updated on May of 2017.