Gold futures settled below $1,800/oz on Friday after the November US jobs report came in stronger than expected, pushing the dollar and Treasury yields higher and fueling expectations that the Federal Reserve may continue. raise the interest rate.
February Comex gold (HAUUSD: CUR) -0.9% to $1,798.50/oz, while March silver (XAGUSD:CUR) +0.3% to $22.91/oz.
ETFs: (NYSEARCA: GLD), (NYSEARCA: GDX), (GDXJ), (IAU), (NUGT), (PHYS), (XME)
Gold mining stocks are moving lower, including Newmont (NEM) -2.6%Nevada Franc (FNV) -2.8%Agnico Eagle Mines (AEM) -2.2%Harmony Gold (HMY) -2.6%Gold Fields (GFI) -3.2%Sandstorm Gold (SAND) -2.7%.
Just one day later, gold crossed $1,800/oz for its biggest one-day gain in more than two years, as Jerome Powell’s comments suggested that the Federal Reserve would follow a path of easing interest rate hikes.
But after the US economy created 263K new jobs in November, more than expected, and hourly wages rose 0.6% to about $32.82, its biggest advance in more than a year, “the market looked hot,” Kitco.com analyst Jim. Wyckoff said.
Citing a strong dollar, the expected reopening of China and a decline in steel prices, Bank of America is long gold in one of its top 10 investments for 2023.