On Thursday, gold prices hit a month high to gain further today to fall back briefly after less-than-expected U.S. employment gains.
Friday, The Bureau of Labor Statistics said 156,000jobs were created in December, according to forecasts, economists were expecting to see job gains around 175,000. The revised data for the previous months were not positive for the labor market. The report said that October’s job gains were revised down to 135,000 jobs from the earlier estimates of 142,000 but at the same time November’s data was revised up to 204,000 from 178,000.
“Over the past 3 months, job gains have averaged 165,000 per month,” the report said.
At the same time the unemployment rate came in at 4.7% last month, up from 4.6% seen in the previous month but in line with economists’ forecasts. The participation rate was relatively unchanged at 62.7%.
Gold was under selling pressure ahead of the report and February Comex gold was last down $4.70 an ounce at $1,176.60.
March Comex Silver was last down $0.077 at $16.565 an ounce.
The U.S. dollar index is trading slightly higher Friday on a corrective trend after falling back in the previous two sessions.