Investors Struggle with Bullion Prices Following Latest U.S. Jobs Report
10/4/2019 8:22:20 AM
Gold prices dipped over 2% Monday, settling below $1,500, its lowest finish in two months, as strength in U.S. dollar and some flexibility in U.S. stocks drew demand away from bullion. The recent drawback in Precious Metals has come as the dollar has been firming, amid weakness in global currencies. Gold prices ended higher Tuesday, as a drop in the U.S. Institute for Supply Management’s manufacturing index pulled benchmark stock indexes lower, fueling demand for the Precious Metal. The Institute for Supply Management said that its manufacturing index fell to 47.8% last month from 49.1%, marking the lowest level since June 2009, when the Great Recession ended.
Gold prices settled back above the key $1,500 mark on Wednesday, after private-sector employment showed that the pace of hiring in the U.S. is slowing, reviving worries about a recession in the U.S. economy and prompting the purchase of haven assets. Gold prices on Thursday fell slightly, as the Precious Metal struggled to extend a recent stretch of gains to a third consecutive session. To end the week, Gold prices struggled on Friday, following a mixed reaction to the latest U.S. jobs report.