Gold price higher, bounces after US unemployment surprise – BULLION LATEST

Sep 18, 2014 - 4:39 PM GMT

The precious metals had an up-and-down session on Thursday, losing ground shortly after the release of forecast-beating US jobs numbers before rebounding into the close.

The spot gold price was last at $1,226.50/1,227.40 per ounce, up $9.30, having hit a fresh multi-month low of $1,216 in overnight trading after Federal Reserve chair Janet Yellen said on Wednesday that the US central bank could conceivably raise interest rates faster and higher than current economic data suggests.

Earlier this afternoon, US weekly unemployment claims came in at 280,000, far below the forecast of 312,000.

“Strength appears to have returned to the jobs market after the effects of the seasonal hiring over the summer,” FastMarkets analyst Tom Moore said.

Silver gained 11 cents to $18.58/18.63 per ounce but the platinum group metals were mixed – platinum was up $1 at a price of $1,346/1,351 but palladium was down $3 at $827/832 per ounce.


(Editing by Mark Shaw)