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gold prices see some selling pressure as US economy created 165k in October

Kitco Media
By Neils Christensen
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(Kitco News) - After a slow summer, the U.S. labor market appears to be gaining significant momentum, which, as expected, is putting renewed pressure on gold, with investors once again focusing on support at $4,000 an ounce.

U.S. nonfarm payrolls rose by 165,000 last month, according to the Bureau of Labor Statistics. The monthly figure significantly beat consensus forecasts, as economists had expected job gains of around 60,000.

At the same time, the unemployment rate dropped to 4.1%. Economists had expected the rate to remain unchanged at 4.2%.

Analysts had warned investors that the gold market could be sensitive to stronger-than-expected employment gains. Spot gold last traded at $4,046 an ounce, down 1% on the day.

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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 pricesUS labor marketUS nonfarm payrollsUS interest ratesFederal Reserveus economy

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