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Gold and Silver Stable amid US Jobs Data on November 4

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Nov. 4 2016, Published 3:44 p.m. ET

Gold, silver stable on November 4

Precious metals gold and silver were stable on November 4, 2016, amid US election speculations, the weaker US dollar, and US jobs data.

At 1:15 PM EST on November 4, COMEX gold futures contracts for December delivery rose ~0.12% and were trading at $1,304.85 per ounce. COMEX silver contracts for December delivery were trading at $18.40 per ounce, a fall of ~0.08%.

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Unemployment rate fell, non-farm payrolls close to expectations

Non-farm payrolls couldn’t meet the market’s expectations, but they came close, whereas the unemployment rate fell in line with expectations. According to the data released at 8:30 AM EST on November 4 by the Bureau of Labor Statistics, US non-farm payrolls fell to 161,000 in October, below the previous month’s 191,000 jobs and below the market’s expectation of 175,000 jobs.

On the other hand, the unemployment rate fell to 4.9% in October 2016, compared to the previous month’s value of 5%. This was in line with the market’s expectation of 4.9%. Gold faced high volatility right after the release of these two job reports, but it gained strength and quickly stabilized.

Gold and silver started the day on a weaker note but recovered as the day progressed. Read Copper Rose, Gold and Silver Fell Early on November 4 to know how metals traded in the early hours of the day. Uncertainty surrounding the outcome of the US election may also support gold prices if the market moves to safe-haven assets.

At 1:30 PM EST on November 4, precious metals producers Barrick Gold (ABX), Newmont Mining (NEM), and Silver Wheaton (SLW) had fallen ~0.3%, ~0.53%, and ~3.4%, respectively, whereas Royal Gold (RGLD) had risen ~0.67%. The SPDR Gold Trust ETF (GLD) had risen ~0.01%.

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