Weekly Bullion Review: COMEX Gold Declines To Three Week Low

New York (Nov 9)   A sharp fall of more than 2% was noted in the Gold value in the week ending 8 November 2013. The strength in the US Dollar led Gold traders switch gears and book profits in the hedging asset. COMEX Gold December contract settled at $ 1284.6 per troy ounce. This was also the three week low prices for the metal.

Earlier in the week, European Cenral Bank decided to cut its interest rates after keeping that stable for five consecutive months. The bank slashed the main refinancing rate by 25 basis points to a record low 0.25 percent. The move of ECB recovered the Dollar against the Euro. The Greenback closed at 1.3360, against the Euro, up 0.43% on the last day.

In economic reports, US nonfarm payrolls registered an unexpected jump. Bureau of Labor Statistics said that U.S. Private Nonfarm Payrolls rose to a seasonally adjusted 212,000, from 150,000 in the preceding month. The Bureau of Labor Statistics also reported that U.S. economy added 204,000 jobs in October, far surpassing expectations for a 125,000 increase. The U.S. unemployment rate ticked up to 7.3% last month from 7.2% in September, in line with expectations.