Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

US jobs data hobbles gold price but bulls unwavered

US jobs data hobbles gold price but bulls unwavered

Gold's new year comeback faced some headwinds on Friday after strong US employment figures saw the US dollar regain strength, but gold traders still see substantial upside for the metal  in 2017.

Gold for delivery in February, the most active contract on the Comex market in New York, was exchanging hands for $1,172.90 an ounce during lunchtime trade, not far off one month highs in another day of heavy trading.

The final quarter of 2016 was gold's worst performance in more than two years
Donald Trump's victory in the US presidential elections sparked a slide in the price of gold to 11-month lows as investors bet on higher interest rates and a stronger dollar on the back of fiscal stimulus in the world's largest economy. The final quarter of 2016 was gold's worst performance in more than two years.

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