|09-08-2014, 02:54 PM||#1|
Gold resumes bounce from near 11-week low, crude oil falls
Gold rose slightly on Monday after receiving support from an 11-week low hit on Friday following weaker than forecast US nonfarm figures, where investors eye the latest developments in Ukraine.
The yellow metal found support after hitting a bottom of $1257.18 an ounce on September 5 after the NFP data showed employers added the fewest number of jobs since this year last month.
Jobs addition in August reached 142,000, coming below analysts’ forecasts, to raise speculations the Fed will not raise interest rates any soon.
Fed Chairwoman Janet Yellen has mentioned previously there’s still slack in the labor market.
In the euro area, the ECB agreed to cut its three main interest rates and to start buying non-financial assets through an asset-backed security program, which will include the purchase of covered bonds.
As long as monetary policy by major central banks remain loose, gold will remain favorite to investors as a hedge against inflation.
On the political front, the fighting continued in eastern Ukraine to raise suspicions about the efficacy of the cease-fire agreement between Kiev and pro-Russia rebels clinched on Friday.
“Fighting has already flared up in eastern Ukraine overnight into Sunday, killing one woman and injuring at least four people and jeopardizing a ceasefire struck less than two days earlier,” Reuters said.
Gold is currently trading around $1268.90 after hitting a high of $1271.60 and a low of $1265.90.
On the energy markets, oil fuutres traded lower following data that showed mixed trade data from China, the world`s second-largest consumer.
China`s trade balance surplus came in at $49.83 billion in August compared with a previous surplus of $47.30 billion, and today`s reading topped analysts` estimates of $40 billion.
The Chinese exports rose 9.4% last month, following an incline by 14.5% back in July, while median estimates referred to 9.0%. The nation`s imports slid 2.4% in August from a drop by 1.6%; however, median estimates referred to an incline by 3.0%, indicating weakness in domestic demand.
West Texas intermediate for October delivery retreated for a third straight session to trade around $93.13 after hitting a high of $93.60. Brent was down around $100 a barrel.
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