Gold closed significantly higher this Friday (9), consolidating the week’s gains, after investors analyzed the latest data on the US job market. The payroll showed a slowdown in job creation in December and a drop in the unemployment rate.
At Comex, the metals division of the New York Stock Exchange (Nymex), the gold for February ended up 0.9%a US$ 4.500,9 per troy ounce.
Already silver for March advanced 5.58%a US$79.34 per troy ounce.
For the week, gains were 3.95% and 11.7%, respectively.
Gold gained strength in this Friday’s session after the payroll data and continued on an upward trajectory.
For Capital Economics analyst Stephen Brown, the drop in the unemployment rate confirms investors’ suspicions that the US government shutdown explained part of the previously observed increase. “Coupled with signs that GDP growth is on track for an exceptional fourth quarter, this should keep the Fed on pause for at least the next few months,” says Brown.
The market has increased expectations that the Federal Reserve (Fed, the North American central bank) will leave interest rates unchanged until April this year and resume cuts in June, according to monitoring by the CME Group. The change in pricing occurred after the release of payroll data.
On the other hand, the strengthening of the dollar weighed negatively on gold’s gains, according to Wells Fargo analysts. They say the strength of the American currency limited the precious metal’s gains in the session.
Meanwhile, geopolitical tensions rose this week as instability grew in Iran amid anti-regime protests and US action in Venezuela against Nicolás Maduro. Washington also resumed discussions about taking control of Greenland.
Among other precious metals, platinum for April registered an increase of 1.18%a US$ 2.283,6while palladium rose 3.99%a US$ 1.870,20at 3:37 pm (Brasília time).
