7/08/2011 08:00:00 PM
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Gold Review
Gold was lower in most currencies except the euro this morning as euro weakness has kept gold close to record nominal highs in euros. Gold is 2.7%, 3.3% and 4% higher in dollars, pounds and euros for the week and looks set to close higher and near nominal highs in all currencies.
Futures markets were expected to see thin trade this morning ahead of the key US employment report. It is expected to show improvement in the labor market but if the number disappoints gold should receive a safe haven bid. A good number could see gold ease in the short term but the long term fundamentals remain sound due to robust global and particularly Asian demand.
Gold Live International
Comex gold futures rallied from lower price levels and hit a fresh two-week high on safe-haven buying interest in the immediate aftermath of a U.S. jobs report that was very disappointing to the market place. The market place had expected U.S. non-farm payrolls to have risen by around 125,000 in June, but the figure came in at up only 18,000. The U.S. stock indexes immediately sold off on the jobs news, while the U.S. dollar index backed down from its daily high, U.S.
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