Gold Jumps Higher Following Jobs Report
Weakness in the dollar, after the worse-than-expected job number, has led to buying in Gold. After trading lower before the news, spot gold is now positive on the day. Spot gold last traded at $1136.40, versus yesterday's close of $1130.10. Gold ETF, SPDR Gold Shares (NYSE: GLD), is up 0.7% now.
The move is gold is likely related to the thinking that Fed will have to continue with its easy money policy for some time to come and government deficit spending will continue, or possibly increase, in an effort to support the economy. All of this is potentially bad for the dollar and can lead to possible inflation.
In addition to Gold, Silver and other commodities are rallying on the dollar weakness.
More related ETFs:
iShares Silver Trust (NYSE: SLV)
Market Vectors Gold Miners ETF (NYSE: GDX)
iPath DJ AIG Copper TR Sub-Idx ETN (NYSE: JJC)
The move is gold is likely related to the thinking that Fed will have to continue with its easy money policy for some time to come and government deficit spending will continue, or possibly increase, in an effort to support the economy. All of this is potentially bad for the dollar and can lead to possible inflation.
In addition to Gold, Silver and other commodities are rallying on the dollar weakness.
More related ETFs:
iShares Silver Trust (NYSE: SLV)
Market Vectors Gold Miners ETF (NYSE: GDX)
iPath DJ AIG Copper TR Sub-Idx ETN (NYSE: JJC)
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