Gold makes some gains on weak U.S. jobs data |
| The Globe and Mail - Apr 4, 2008 |
Gold gained in choppy trade on Friday, as weaker-than-expected U.S. jobs data pushed the dollar down and lifted gold's appeal as an alternative investment.
But analysts said the market could witness a further sell-off after tumbling last week to a two-month low.
Gold rose as high as $909.70 (U.S.) an ounce after the data, but fell to $907.10/908.00 at 1343 GMT, against $903.40/904.20 late in New York on Thursday, when it gained more than $5.
“Gold is following the foreign exchange market and we expect the market volatility to continue. On the technical side, the upside trend is broken and we may head to the downside now,” said Michael Kempinski, senior metals trader at Commerzbank.
Read Full Article from The Globe and Mail
- Posted: 2008-04-04 09:16:29
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