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Gold Ends Session with Big Losses After NFP

December 6, 2014 at 4:26 by Vladimir Vyun

Gold futures ended the Friday’s trading session with huge losses due to an amazingly positive employment report from the United States. While economists were expecting robust growth, they were not counting on the US labor market to demonstrate such stellar performance. The nonfarm payrolls allowed the dollar to rally, ignoring other reports that were rather disappointing. Gold fell, in line with its usual behavior of moving inversely to the greenback.

US employers added as much as 321,000 jobs last month. This is compared to the median forecast of 231,000. Additionally, the previous month’s reading got a positive revision.

The CFTC Commitments of Traders report showed that the number of long positions exceed the number of short positions by more than two times as of December 2. Moreover, speculators were increasing the amount of longs and decreasing shorts.

February contract for delivery of gold settled 1.4 percent lower at $1,190.40 per troy ounce on COMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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