Gold Prices Rise on Unexpected Fall in US Hourly Earnings

Gold Prices Rise on Unexpected Fall in US Hourly Earnings

Today’s AM fix was USD 1,222.00, EUR 1,035.77 and GBP 808.09 per ounce.
Friday’s AM fix was USD 1,211.25, EUR 1.025.09 and GBP 799.61 per ounce.

Spot gold climbed $13.20 or 1.09% to $1,220.50 per ounce Friday and silver rose $0.15 or 0.92% to $16.46 per ounce. Gold and silver both performed strong last week up 2.78% and 4.24% respectively.

Spot gold in Singapore  was trading up $4.55 or 0.37% at $1,227.2  near the end of the day.

Gold reached a 1 month high on speculation that the U.S. Federal Reserve will not act fast to increase interest rates to protect the economic expansion.

U.S. Employment data showed that hourly earnings for U.S. employees fell in December by the most since 2006, even though the payrolls number grew by 252,000.

Gold bullion priced in euros reached its highest since September 2013, as Greek citizens get ready for the January 25th election that is spurring gold’s safe haven demand.

Gold in euros traded at 1,035 EUR. Spot gold climbed to its highest since Dec. 11 at $1,231 an ounce, before edging 0.1 percent lower to $1,221.60 by 1019 GMT.

Gold for February delivery increased 0.5 percent to $1,222 an ounce on the Comex in New York.

Silver was up 0.5 percent at $16.57 an ounce, while platinum increased 0.1 percent to  $1,229.49 an ounce and palladium rose 0.1 percent to $801.20.

The yellow metal is getting a boost in physical buying of coins and bars in Asia. Premiums on the Shanghai Gold Exchange ranged from $4 and $5 an ounce. Consumers are buying ahead of the  Lunar New Year holiday next month.

Next week includes the Greek elections and the ECB policy meeting.

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