|09-09-2014, 01:56 PM||#1|
Gold and crude plummet in New York on Chinese & U.S updates
Gold plunged today in New York and is actually heading for its first quarterly loss this year amid signs that the U.S. economy is gaining traction, increasing opportunities for the Federal Reserve to raise its benchmark interest rate for the first time since 2006.
While that crude fell below $100 a barrel for the first time since June 2013; the lowest in almost eight months as falling Chinese imports bolstered concern that slower growth will worsen a global oil surplus.
Not forgetting that on the last day of last week the jobs report was released and showed that the U.S. job creation slowed to its lowest pace of the year in August, a stumble for the labor market that had seen a stretch of steady 200,000-plus gains over the past six months.
Non-farm employment advanced a seasonally adjusted 142,000 in August, according to the Labor Department.
July’s gain was revised higher to a gain of 212,000 from an earlier estimate of 209,000. June’s gain was revised lower to 267,000 from 298,000.
Accordingly the gold is so far trading around $1254.85 an ounce recording a high of $1271.70 ounce and a low of $1251.25 an ounce and crude is trading around $92.38 a barrel recording a high of $93.55 a barrel and a low of $91.80 a barrel.
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