Metals Score Fifth Straight Weekly Gain

Written by Staff Writer

graph 163509 640Gold rebounds on weaker US jobs growth, eyes weekly gain -CNBC
"Gold turned positive on a weaker-than-expected U.S. nonfarm payrolls report weighed on the dollar and increased appetite for safe-haven bullion, putting it on course for a weekly gain....The dollar also dipped following the payrolls data, making gold cheaper for investors holding other currencies. 'Today's jobs number missed expectations, causing gold to bounce higher.

It just lends more credence to the fact that the job numbers are getting a little softer and it supports another rate cut by the U.S. Federal Reserve,' said Bob Haberkorn, senior market strategist at RJO Futures. Federal fund futures implied that traders saw a 96% chance for a 25 basis-point rate cut from a current rate of 2.00-2.25% by the U.S. central bank this month. Uncertainties around U.S.-China trade ties, fears of a deceleration in global economic growth and negative Treasury yields around the world were further supporting bullion, analysts said....Bullion has risen about 19% so far this year...Silver was up 0.1% to $18.65 an ounce and was headed for its fifth straight weekly gain."