6 Jun 2014
Short-term declines for gold post-NFPs
FXStreet (London) - Gold prices fell on today’s US non farm payroll numbers but remain in a longer-term sideways trend.
Data from the US Bureau of Labor Statistics showed that total non-farm payroll employment rose by 217k in May, and the unemployment rate was unchanged at 6.3 percent.
The numbers added to last month’s 282k gain, coming in just above the consensus expectation of 212k. While the print represent suggested a healthy level of growth in the US labour market, it was not enough to impress markets, which largely reacted with indifference.
The unemployment rate held at 6.3 percent in May, following a decline of 0.4 percentage point in April. The number of unemployed persons was unchanged in May at 9.8 million. Over the year, the unemployment rate and the number of unemployed persons declined by 1.2 percentage points and 1.9 million, respectively.
Gold climbed to a high of USD1,259.10/oz ahead of the NFP numbers, before falling to USD1,245.10/oz on confirmation of continued recovery in the US labour market. The precious metal is currently trading at USD1,248.20/oz.
Data from the US Bureau of Labor Statistics showed that total non-farm payroll employment rose by 217k in May, and the unemployment rate was unchanged at 6.3 percent.
The numbers added to last month’s 282k gain, coming in just above the consensus expectation of 212k. While the print represent suggested a healthy level of growth in the US labour market, it was not enough to impress markets, which largely reacted with indifference.
The unemployment rate held at 6.3 percent in May, following a decline of 0.4 percentage point in April. The number of unemployed persons was unchanged in May at 9.8 million. Over the year, the unemployment rate and the number of unemployed persons declined by 1.2 percentage points and 1.9 million, respectively.
Gold climbed to a high of USD1,259.10/oz ahead of the NFP numbers, before falling to USD1,245.10/oz on confirmation of continued recovery in the US labour market. The precious metal is currently trading at USD1,248.20/oz.