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Gold posts largest weekly gain of the year

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold prices reversed intraday losses that followed the US employment report and climbed to fresh highs above $1,168 an ounce, to post its largest weekly gain in six months.

    The yellow metal fell to a low of $1,145 an ounce as the dollar strengthened after nonfarm payrolls data showed that even though US economy added fewer jobs than expected in January ,151,000 vs 190,000 expected, wages rose and the unemployment rate fell below 5% to an 8-year low of 4.9%.

    However, gold prices edged higher during afternoon trade and reached fresh 3 ½-month highs. The metal also posted the biggest weekly gain of the year, closing up by about 4%.
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