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#Gold prices increase in response to lackluster US job growth report


October 11, 2018 ( Newswire) Gold prices reacted with a slight increase to the newly released report on US employment. The US data on job growth for September came out weaker than expected - only 134,000 jobs were added, which was the lowest figure for the year. As a result the dollar lost its positions and stock markets fell.

This allowed the gold price per ounce to stabilize at around $1,202.6 on October 5, recording an increase of about 0.21% according to Gold Rate. Overall for the past 6 months there has been a decrease of about 9% in gold prices.

The demand from several European countries continues to support the currently steady prices for gold. Globally central banks have widened their gold reserves by 193.3 tons in the first half of this year. This is higher by about 8% compared to the figure of 179 tons for same period last year, according to the World Gold Council.

It is expected that the consolidation of two big mining companies, Barrick Gold and Randgold Resources, will also contribute to the stabilization of gold prices.

In India the demand for gold remained weak due to high domestic prices. Dealers had to make larger than usual discounts to boost demand. India will probably report higher gold imports for the upcoming wedding season. Bangladesh approved a gold imports policy to halt the smuggling of gold bars. The beginning of the season of festivals around Asia will add to the demand for gold as the year comes to an end.

A half percent increase in U.S. gold futures brought them close to $1,207.50 an ounce.

Prices for gold coins strengthened a little, while prices for silver coins as well as for silver bullion remained almost unchanged. Spot silver was up by 0.1% to $14.58.

In September, gold-backed exchange-traded funds (ETFs) lost their positions as around 23 tons of gold were pulled out from funds in North America, Europe and Asia.

By Julio Cesar Medina, Senior Economist and Financial Analyst at Gold Rate

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