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Gold Prices Rise On Low Interest Rates, U.S. Jobs Data

October 10, 2011 by  

Gold Prices Rise On Low Interest Rates, U.S. Jobs DataThe price of gold returned above the $1,650 mark, easing worries that existed among traders that a significant sell-off would occur, The Associated Press reported.

Gold for December delivery rose $11.60 to $1,653.20 an ounce, marking an increase of 1 percent for the commodity, according to the news outlet.

The metal was able to reverse losses that were incurred last week, as a sell-off had pushed gold below the $1,600 an ounce mark. Traders made a move back to the safe-haven commodity after stimulus measures in Europe promised to keep interest rates low, a move which helps to increase the value of the resource, reported the AP.

Dow Jones reported that futures for the metal also rose based on the positive data from the U.S. government, as 103,000 jobs were added in September.

Although gold usually rises and falls opposite the moves of the greenback, in recent weeks it has acted more like the rest of the commodities market and mirrored the increases and declines of the dollar, according to the news outlet.

Filed Under: Asset and Wealth Protection, Liberty News
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  • http://httpwwwaol.com ARMY/RET

    Who cares about gold.Look at the price of food and the shortage of food in the world.Gold will be worthles without food to keep you alive.Maybe thats why the Bible says Gold & silver will be worthless.Allready people are stealing whatever they can to put food on the table.The government tells farmers what they can grow and at times they pay farmers not to grow nothing.

    • James

      I think it says gold will be ‘useless’, however it is a nice tool, you can bonk someone over the head and make him grow you some food.

  • James

    A significant sell-off in gold did occur. On August 22 Gold peaked at $1904/oz. and on September 26, it hit a low of $1549/oz. That’s an 18.6 percent correction in price. Since then Gold has been trading between $1658 and $1618 per ounce. Today, it’s in the $1970s per ounce.

    • James

      “1970s” should have been $1670s”

  • PATRIOT 101

    Fort Knox gold is gone! US GOVERNMENT, SHOW US THE GOLD!
    It’s our gold, not yours, (or the FEDERAL RESERVE’S). Let someone in to see it, weigh it, inventory it! No one (even from congress) has seen the gold since 1973! Time to look into it!

    The gold has been sold off over the years to artificially keep the price of gold low. This has been the action of the FEDERAL RESERVE BANKERS for if the price of gold was really allowed to “float” in a free market it probably would be $3000. – $4000. / OZ right now.
    All other commodoties would also be much higher as the true inflation rate could no longer be hidden.
    This will culminate very soon as people realize the gold is gone and the “paper” money is worthless.

    The truth of the matter is that the SECRET that the gold is gone from Ft. Knox is actually worth more (now) than what the gold was! That is why the security around Ft. Knox is so tight! They must protect the SECRET, NOT THE GOLD!

    • James

      Patriot 101, Gold is a world-wide commodity and it does float in a world-wide market.

  • bob wire

    Pretty to look at and hold, hard to digest. The value like all others, pure perception and the hype. If you have invested there is little doubt we’d disagree. As long as the perception is maintained and feed, you are safe.

    • James

      Bob wire, The price of Gold in dollars reflects the value of our dollar. Gold’s value doesn’t fluctuate much. Our old $20 gold coin weighed about an ounce and back then Gold was about $20 per ounce. The price of Gold today is $1678 per ounce, which means that since then, the dollar has lost about 83 percent of its value.

      • bob wire

        Not very reflective then, is it?

        But I understand the concept, however true or false it might be.

        Attempting to place a value on anything is a tricky proposition, even the value of a beautiful woman.

        An old man while fishing one day noticed a frog that had snared it’s leg in tangled brush and couldn’t get it’s self free. The old man dropped to one knee to get a better look at the mess this frog had got itself into.

        The frog says to the old man, if you will untangle and kiss me I will turn into a beautiful princesses and be with you forever.

        The old man considered the frogs offer and untangled her and put her in his breast pocket. The frog said, ” well, aren’t you going to kiss me?” in which the old man replied,” no, I think not, I’d rather have a talking frog”

        So if you and like people enjoy gold and feel secure with it, that’s all that matters.

      • James

        Bob wire, The amount gold in existence, relative to other commodities, stays pretty much the same. When the U.S. injects stimulus dollars into the economy, gold simply reflects that by its dollar-price going up. In nations who don’t so-inflate their currencies, the gold price stays pretty much the same. All currencies are pegged to gold, and when it takes more of a given currency to buy an ounce of gold, it means that currency is losing its value.

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