Last Updated : 05 October 2012 at 19:30 IST
'Global Gold bounces from lows; move lower deemed correction'
Source :Commodity Online
After challenging $1,800 an ounce overnight, Comex December gold fell back as far as $1,774.50 when U.S. September non-farm payrolls rose a roughly as expected by 114,000 but past months were revised higher.
- Base metals, Crude Oil may trade lower on weak China PMI data; Gold, Silver to be positive
- Spot gold prices increased by 1.58 percent on the back of weak Dollar Index. Further, weak stock markets increased the demand for precious metal as protection of wealth.
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NEW YORK (Commodity Online): Bargain hunting emerged on gold’s post-payrolls pullback, enabling the market to hold in the $1,770s, said Afshin Nabavi, head of trading at trading house MKS Finance.
After challenging $1,800 an ounce overnight, Comex December gold fell back as far as $1,774.50 when U.S. September non-farm payrolls rose a roughly as expected by 114,000 but past months were revised higher, enabling the unemployment rate to fall to 7.8% from 8.1% the prior month.
“The market was a little bit too long looking for a bad number. Thus, selling ensued. But that move down, in my opinion, was a correction only,” he added.
“Around the lower ($1,7)70s area, very good buying came in. We should have good support around the $1,775-ish area,” he concluded.
As of Friday 9:46 a.m. EDT, December gold was down $12.50 to $1,784 an ounce in the Comex division of the New York Mercantile Exchange.
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