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Gold trims losses after US jobs report

News Date: 13/3/2017 02:28:00
 

Gold rebounded in morning trading, taking advantage of the US jobs report on February, which failed to meet the strong expectations of the markets, and caused a decline in the US dollar.

US jobs numbers report gives the Fed the green light to start  interest rates hike at its meeting this week, expectations for a rate hike this month put gold under strong negative pressure, led to record the lowest level from four months ago.

Spot gold prices rose 0.12% traded at $ 1202.17 an ounce.

Job growth was better than expected, while wage growth remains modest, so the link to the high rates of inflation is still missing, and that may keep the Fed at bay after the rate hike next week at least until June.

 

Crude oil below $ 50 on glut concern

US futures crude oil continued decline,to settle below the psychological barrier of $ 50 a barrel, with ongoing concerns that oil production cuts by the OPEC failed to controlling the global glut oil.

Future crude oil for April delivery steadied around the opening price at $ 48.07 per barrel price, the lowest in four months.

Global oil markets are still suffering from oversupply, although the final agreement for the producers of OPEC and other countries, including Russia, last November on the oil production cut, aimed at ending two years of low prices,

But the rise in crude oil prices lured US shale companies to drill more, as well as inventories still  high, so the current situation makes the chances of crude oil to rise in the medium and long term weak.

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