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

0 Shares

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.

Personal Liberty

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.