Mon, 10 Sep 2012 00:00:00 +0200
Gold at 6-Month High after US Jobs Report
Gold shot up to its highest level in six-months on Friday, after a disappointing US jobs report led to an increase in speculations that the Fed will soon take action to boost the US economic recovery. The precious metal traded as high as $1741.49 before markets closed for the weekend, up more than $50 an ounce for the day. This week, gold traders will want to continue monitoring the affects US news is having on the dollar. If the greenback extends its recent bearish trend, gold could continue moving upward as it would become cheaper for international buyers to purchase. Particular attention should be given to Thursday's FOMC statement, as it is forecasted to generate the most volatility in the marketplace.
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