Gold Trading Price

Gold trading prices closed sharply lower on the session, after U.S. employment data was released, showing a significant decline. The sharp rise in the U.S. dollar index, pushing the price of gold moved lower, as it becomes more expensive for holders of other currencies. In addition, data released also eliminate the market belief that more policy easing may not be added to an existing program ends.

Gold futures traded December contract fell $ 15.70 or 0.9% to settle at $ 1,780.80 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold traded down $ 6.80 or 0.38% and ended at $ 1,785.00. Spot gold had traded as high as $ 1,798.10 and as low as $ 1,774.50.

Ending a session last week, gold posted profit of only $ 7.60 or about 0.42% in the last week. Gold futures for December contract closed Friday trading session down $ 15.70 or 0.9% to settle at $ 1,780.80 an ounce on the Comex division of the New York Mercantile Exchange. Meanwhile, spot gold closed down $ 6.80 or 0.38% ending at $ 1,785.00.

In the data released by the U.S. Labor Department said the unemployment rate fell below 8% which is the lowest rate of 7.8% since 2009 and for the first time since President Barack Obama took office. Other data showed that the U.S. still has about 114 000 jobs left in September, slightly above the previous estimate of 113 000 jobs. Meanwhile, previous data was revised up to 142,000 from 96,000 jobs data released previously.

As for the other metals markets, silver December contract closed down 53 cents, or 1.5%, to $ 34.57 per ounce. Silver traded 0.1% lower at the end of this week. December copper contract settled lower 1 cents, or 0.2% and settled 3.78 per pound. By this week, copper traded up 0.5%.

Palladium December contract closed down $ 11.55 or 1.7% to $ 663.20 per ounce. Platinum January contract traded lower $ 17.90 or 1% and ended at $ 1,707.20 per ounce. Palladium and Platinum respectively - each traded up 3.5% and 2.3% in the last this week.

Entering the trading session today gold opened gap down at $ 1,777.20 and is expected to trade in the range of $ 1,786.10 - $ 1,770.40 during the trading session today, where the penetration of each upper (resistance) or lower limit will indicate the trend of gold during the trading session today this. The market is likely to be focused on news about member states of the European Union, especially Spain are expected to declare acceptance bailout this week.

Note: Deutsche Bank estimated that the concerns over the fiscal outlook will be the focus of the market in the fourth quarter, along with the possibility of the U.S. credit downgrade, which would be able to push the price of gold moved higher. In addition, seasonal factors can also come into play and encourage the flow of exchange-traded fund to accumulate gold at the end of the year because of a tendency to weaken the U.S. dollar during December.