Posted on 10/07/2011 5:48:49 AM PDT by Diana in Wisconsin
SINGAPORE (Reuters) - Gold headed on Friday for its biggest weekly gain in a month as equities regained strength after fresh European efforts to resolve the debt crisis eased worries about a global recession, while purchases from jewelers offered additional support.
But trading was slow ahead of the release of U.S. non-farm payrolls data for September, which could show the world's largest economy was only growing slowly, and not falling into recession.
Gold gained 1 percent to reach an intraday high of $1,665.99 an ounce and stood at $1,659.10 by 0648 GMT, up $9.75. Bullion hit record around $1,920 in early September.
"The payroll number will be a driver of trade today, but will jostle metals prices only if it's significantly far from expectations," said Tom Pawlicki, precious metals and energy analyst at MF Global.
"Technical factors have been slightly positive recently, but have been slow to create any upside. The bullish focus for the market today will rest on payrolls, recapitalization of European banks, and on generally slow economic growth."
(Excerpt) Read more at reuters.com ...
gold has been fairly flat the last couple of days
my guess is something’s brewing...
All the indicators are in place for it to go through the roof the minute this fake ‘dollar rally’ ends. *Rolleyes*
I’m getting a LITTLE impatient for a ride back UP, but then I’ve been paying a little too close of attention to it these past few weeks...
It's not a fake US Dollar Index rally - it's a very real one.
That's what happens when a nation enters a deflationary spiral. Its money supply shrinks against its level of goods and services.
Less "units" of money means that each unit is worth more, not less.
Look for gold to go sub $600/oz. as we fall further into deflation.
I pray you’re wrong - but you might be right! Either way, I’m still miles ahead over the past 13 years, so no worries about my future...other than wondering if I’ll have enough ammo to see me through the next decade. :)
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