Gold up 0.1%; oil slides 1.2% at $93.29
San Francisco (Sept 5) Gold prices closed slightly higher today after U.S. employers added the fewest jobs this year, adding some pressure on the Federal Reserve to maintain lower interest rates.
Gold for December delivery finished up less than 0.1 percent to $1,267.30 an ounce.
The U.S. economy created just 142,000 jobs in August, while economists polled by MarketWatch had expected an increase of 228,000
Gold has been rangebound through much of the week, hovering around an 11-week low even as traders grapple with mixed news on the geopolitical front. December gold is on pace for a weekly drop of 1.6 percent.
The metal has gained 5.4 percent this year on demand for a haven amid escalating conflicts in the Middle East and Ukraine.
In other metals, December silver rose $0.02 to $19.16 an ounce. December palladium was flat at $891 an ounce, while October platinum gained 0.2 percent to $1,411.10 an ounce. High-grade copper for December delivery was basically unchanged at $3.15 a pound.
In energy markets, West Texas Intermediate and Brent crudes dropped after weaker-than-estimated U.S. jobs growth in August and as Ukraine and pro-Russian separatists agreed to a cease-fire.
WTI for October delivery slipped 1.2 percent to close at $93.29 a barrel on the New York Mercantile Exchange.
Brent for October settlement dropped 1 percent to end the session at $100.82 a barrel on the London-based ICE Futures Europe exchange.
Ukraine and pro-Russian separatists agreed to stop fighting at 6 p.m. local time today, Heidi Tagliavini, a representative of the Organization for Security and Cooperation in Europe, said after talks in Minsk, Belarus. Russia is the world’s largest energy exporter.
A lasting truce between the Ukrainian government and the rebels would be the biggest breakthrough yet in the conflict, which has killed more than 2,600 people and soured Russia’s relations with its former Cold War foes to the worst in more than two decades. Ukraine, the U.S. and Europe say President Vladimir Putin is backing the insurgency with financing, weapons and manpower. Russia denies any involvement.
Source: ProactiveInvestors
