NUGT - Gold retakes $1800 for strongest settlement since early September
Gold prices reclaimed the $1,800/oz. level, shrugging off stronger than expected monthly jobs data, to post its highest settlement in two months. December Comex gold (XAUUSD:CUR) closed +1.3% at $1,816.80/oz., the highest most-active contract finish since September 3, capping a 1.8% gain for the week. ETFs: GLD, IAU, SGOL, GDX, GDXJ, RING, NUGT, DUST Jobs data showed the U.S. creating more jobs than expected, but gold likely is "benefitting from a labor participation rate still holding steady below 62%; an overheated labor market would be about 1% higher," Jeff Wright, chief investment officer at Wolfpack Capital, tells MarketWatch. "Despite the strong labor market report, it is not going to change what Federal Reserve Chair Jerome Powell signaled this week" - that inflation would prove "transitory" and likely not require a fast rise in interest rates - OANDA's Edward Moya says. "Gold bulls seem to be drawing strength from the Fed's
For further details see:
Gold retakes $1,800 for strongest settlement since early September