Weekly Gold Decline of 0.58% Offset by Friday’s Gains

Gold prices experienced a rise on Friday, December 6, reversing a previous decline, amid falling Treasury yields following the U.S. jobs report.

The report indicated a recovery in employment for November, yet it did not disrupt expectations for monetary easing by the Federal Reserve in December.

On this day, February gold futures increased by 0.42%. They reached $2,659.60 per troy ounce on the Comex division of the New York Mercantile Exchange.

This uptick marked a recovery from an earlier drop during the trading session. Despite this daily gain, gold recorded a weekly decline of 0.58%, having fluctuated between gains and losses throughout the week.

Stephen Brown, an economist at Capital Economics, noted that the payroll report supports the notion from various alternative indicators. He added that labor market conditions are stabilizing at a healthy level.

Weekly Gold Decline of 0.58% Offset by Friday’s Gains. (Photo Internet reproduction)

Following the jobs report, short-term Treasury yields fell, while the dollar maintained its strength—a typical factor that tends to exert downward pressure on gold prices.

In terms of supply factors affecting the precious metal, Torex Gold Resources announced the suspension of operations at its Mexican mine. This decision followed a tragic incident that resulted in three fatalities.

The company reported that exposure to carbon monoxide led to the deaths of two employees. It also resulted in the death of one contractor at its El Limon Guajes underground mine.

This combination of market dynamics and supply-side disruptions illustrates the complex landscape in which gold operates. It highlights both economic indicators and real-world events that shape investor sentiment and market movements.