Gold Retains Uptrend After Weak US Job Reports

NEW YORK (Scrap Monster) : Gold on Sunday retained the gain owing to the weak US job reports and Fed worries. Reports show that the worries regarding the US Federal Reserve’s decision would slow the speed of the stimulus tapering along with the weak job reports that will affect the state of recovery of the Country has benefited gold. However, according to expert analysts, the gain of gold would be long-lasting as the current slowing of stock market may be due to weather-related problems that would recover soon.

According to the Friday report, the data on the day showed considerable slowing of US job creations in the past two months, which accounts for its weakest performance over the past three years. According to an expert analyst at the OCBC Bank, the Fridays, non-farm payroll norms is just a one day problem and the US economy is anticipated to improve in coming days. Gold offers bearish expectation and its price is hoped to fall by $ 1,150 by the end of 2014, says the analyst.

Spot Gold increased 0.2 % to $ 1,268 .75 an ounce on Sunday after rising by 0.7 % in the last session. Gold lost 28 % value last year as US economy recovered. US central bank has announced that they will be completing tapering by the end of 2014.