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Gold prices see sold bid as U.S. economy created 29k jobs in September

Kitco Media
By Neils Christensen
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Gold prices see sold bid as U.S. economy created 29k jobs in September teaser image

(Kitco News) - The gold market is seeing solid bullish momentum on renewed safe-haven demand as the U.S. labor market saw significantly slower growth in September.

U.S. nonfarm payrolls rose by 29,000 last month, according to the Bureau of Labor Statistics. The monthly figure missed consensus forecasts significantly, as economists had expected job gains of around 89,000.

At the same time, the unemployment rate ticked higher, rising to 4.2%. Economists were expecting to see an unchanged reading of 4.1%.

Analysts were expecting to see a strong move in gold if the employment numbers were weaker than expected and they have not been disappointed. Spot gold last traded at $4,223 an ounce, up 1% on the day. 
 

Kitco Media

Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

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goldgold priceUS labor marketUS nonfarm payrollsUS econoomyFederal ReserveUS monetary policyinterest rates

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