Gold Sells Off, Hits 9-Week Low, on Stronger U.S. Jobs Report

(Kitco News) – Gold prices are moderately lower and scored a nine-week low in early U.S. trading Friday, in the wake of a stronger-than-expected U.S. jobs report that was just issued.

U.S. Economy Creates 295K Jobs In February

(Kitco News) – The labor market continued to show strong momentum as the U.S. Labor Department released a stronger-than-expected nonfarm payrolls report for February.

Labor Issues

Europe’s equities attracted significant investment action today.

Gold Weaker on Bearish Outside Market Forces; U.S. Jobs Data on Deck

Gold prices ended the U.S. day session modestly lower in a choppy, two-sided trading affair Thursday. Slight early gains in gold gave way to selling pressure as the trading day progressed. A rallying U.S. dollar index that hit an 11.5-year high Thursday remains a significantly bearish “outside market” that is working against both gold and silver. April Comex gold was last down $3.50 at $1,197.40 an ounce. May Comex silver was last up $0.002 at $16.16 an ounce.

Dubai To Finally Give Away $1.5 Million In Gold To Weight-Loss Winners

After six long months, Dubai residents participated in the city’s weight-loss challenge will finally get their just desserts.

Gold Traders Laying Low Ahead Of Nonfarm Payrolls

The gold market has been fairly quiet Thursday with trading volumes being “ominously low,” but analysts from Triland Metals note that traders appear to be waiting for Friday’s February jobs report. “Friday’s U.S. employment report could help to fine-tune the timing for the U.S. rate hike…” they say. They add that there is a risk of lower prices move lower in the near term. “There is a very strong feeling that repeated demand sub $1,200 may be running out of ammunition as bounces from this area are becoming ever so shallower,” they say.

Gold Could Drop As Jobs Report Supports Potential Fed Rate Hike – Analysts

The Fed appears to be on the path of tightening interest rates by the second half of the year and, according to some analysts, it would take a fairly weak jobs number Friday to dissuade markets from this view.

Kitco Readers See A Turnaround In Mining After PDAC 2015

Although the mining sector has been in a rough patch for the last couple of years, Kitco readers see the sector turning around.

On Kitco News’ Prospectors & Developers Association of Canada (PDAC) convention coverage page, readers were asked if they expect to see the mining sector take a turn for the better in 2015.

Close to 200 respondents participated, of which 43% said they expect the mining sector to lift itself this year. The remaining participants said this is unlikely (28%) while some said they are hoping for it (29%).

Last year’s rallying cry at PDAC was ‘cautious optimism’ and this year, investors as well as mining executives seemed to have changed their tune for the better, which could mean Kitco readers may be on to something.

PDAC 2015 Wraps With Over 23,500 Attendees

(Kitco News) – The world’s largest mining convention drew to a close Wednesday as the 83rd Prospectors & Developers Association of Canada (PDAC) four-day event wound down.

U.S. Weekly Jobless Claims Rise To 320K

(Kitco News) – First-time weekly jobless claims in the U.S. rose by 7,000 to a seasonally adjusted 320,000 during the week to Saturday, the Labor Department said Thursday.