Gold Prices Rise On Low Interest Rates, U.S. Jobs Data
October 10, 2011 by Personal Liberty News Desk
The 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.