Gold moved sharply higher Tuesday thanks to a weaker-than-expected September jobs report – and our country's employment situation is yet another reason why gold prices are up today and will resume their climb…
Perhaps anticipating a weak number, gold prices began moving higher shortly before the jobs report. Gold moved up $5 to $1,320.80 two minutes before the release.
Following the report, gold surged.
The precious metal rose to its highest level in three weeks Tuesday, trading as high as $1,346.40, up more than $30 an ounce, or 2%, intra-day. December Comex gold finished up $24.60 at $1,340.40 an ounce. Spot gold ended up $24.80 at $1,342.
"The payrolls data is pushing gold higher as investors think the economy needs more support to gain momentum," Frank McGhee, head dealer at Integrated Brokerage Services LLC in Chicago, explained to Bloomberg.
The uninspiring data – we added only 148,000 jobs last month, compared to the 180,000 expected – is part of why the U.S. Federal Reserve won't begin