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Why is Gold Sinking Today? | The Mesh Report

Why is Gold Sinking Today?

Mike Hammer December 6, 2019 Comments Off on Why is Gold Sinking Today?

Gold and silver prices are trading lower in the wake of a very upbeat U.S. economic report that falls squarely into the camp of the U.S. monetary policy hawks, who do not want to see the Federal Reserve continue on its present path of lowering interest rates.

February gold futures were last down $11.00 an ounce at 1,472.00. March Comex silver prices were last down $0.129 at $16.935 an ounce.

The U.S. economic data point of the week, if not the month saw Friday morning’s employment situation report for November from the Labor Department show the key non-farm payroll number up a strong 266,000. The number was expected to come in at up around 185,000 jobs.

Wednesday’s ADP national employment report for November came in at up just 67,000 jobs, which was a big miss to the downside and had many thinking Friday’s job’s number would be a downside miss, too. October’s payrolls were also revised up modestly.

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