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Kitco October 06, 2015 02:01:33 AM

Gold Ends Near Steady on Consolidation After Friday’s Solid Gains; Silver Hits 6-Week High

Paul Ploumis
ScrapMonster Author
Gold prices ended nearly unchanged during US day session Monday after fluctuating on both sides.

Gold Ends Near Steady on Consolidation After Friday’s Solid Gains; Silver Hits 6-Week High

(Kitco News) - Gold prices ended the U.S. day session near unchanged in two-sided trading Monday. Chart consolidation was featured following good gains Friday that came in the aftermath of a downbeat U.S. employment report. Silver scored big gains for the second session in a row and hit a six-week high. Both gold and silver bulls have gained some near-term technical momentum. December Comex gold was last up $0.20 at $1,136.80 an ounce. December Comex silver was last up $0.392 at $15.655 an ounce.

World investor and trader risk appetite was on the upswing on this first day of the trading week. World stock markets were mostly higher and U.S. stock indexes were holding good gains in afternoon trading Monday. Mainland China’s markets were closed for a holiday Monday. Last Friday’s big miss to the downside in the monthly U.S. jobs report has led to ideas the Federal Reserve will have to hold off on raising interest rates until next year.

The downbeat U.S. non-farm payrolls number last Friday (up 142,000 versus expectations of up 200,000) may make the U.S. central bank at least somewhat fall more into line with the central banks of China and the European Union, which are worrying more about stagnant economic growth and leading to the likelihood of more monetary policy easing measures. That’s a bullish element for the raw commodity sector, including the precious metals.

Courtesy: Kitco News

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