Gold Flies Higher Then Falls Flat Following Dismal Jobs Data (GLD) (SLV)

July 6, 2012 10:20 AM EDT
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SPDR Gold Trust ETF (NYSE: GLD) was flying higher immediately following a payroll report in the U.S., which showed a monthly gain of 80k jobs, painting an interesting picture for the U.S. economy, which appears to have engine problems. Keeping with our car analogy, the economy refused to accelerate and may need another jump start.

The price of spot gold and GLD, after jumping initially, is coming under pressure in early trading on Friday. Gold bulls have been banking on the idea that Fed easing would trigger inflation or even hyper inflation, and those hopes remain somewhat intact. However, investors are finding favor with the USD today, and so a gold rally is not in the cards for now.

SPDR Gold Trust ETF (NYSE: GLD) trades at 154.17. Spot gold currently trades at $1588 per ounce. iShares Silver Trust ETF (NYSE: SLV) is trading lower.

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