Last Updated : 30 November 2012 at 16:30 IST
Comex Gold, Silver tad up as Eurozone jobless rates hit record highs
Jobless rates are the highest since records began to be maintained in 1995. The economy has shrunk in two successive quarters. A contraction to the tune of 0.3% is expected for the next quarter.
- Precious, base metals, Crude Oil may trade negative on weak global sentiments
- Taking cues from decline in spot gold prices coupled with weak global market sentiments, Spot silver prices decreased by 0.53 percent today. However, favourable economic data from Germany along with weakness in DX cushioned sharp fall in the prices.
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LONDON (Commodity Online): The euro-zone jobless rates have climbed to record highs as austerity and recession bit and clawed: 11.7% is the unemployment rate for October compared to 11.6% in September. The markets seem to have already priced this in even as bullion appreciated a bit.
“The trend remains a gradual upward trend before we can hope for some stabilization in the second half of next year,” said Frederik Ducrozet, senior euro-area economist at Credit Agricole in Paris to Bloomberg. “There’s no escaping the fact the unemployment rate will rise again in the next year; it’s a lagging indicator.”
The data is the highest since records began to be maintained in 1995. The economy has shrunk in two successive quarters. A contraction to the tune of 0.3% is expected for the next quarter.
At least 18.7 million people are unemployed in the currency bloc as companies have turned to job cutting and investment freezing.
At 26.2% Spain had the highest of the jobless rate followed by Portugal, Ireland, France and Austria. Greece had 25.4% unemployment rate in August.
Meanwhile, gold prices on the Comex climbed by a small margin reacting to the news. Market's majority had already priced this in. Gold for February delivery was seen trading at $1730.65/oz a gain of 0.07% as of 4.20 pm IST.
Silver on the Comex is down by 0.32% and was seen at $34.32 an ounce. Gold and silver are in red in Indian markets.
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