Gold holds gains after weak US job data

Gold holds gains after weak US job data

Gold prices held onto gains of nearly 1% on Friday, achieved after weak US nonfarm payrolls data renewed fears about the health of the world's biggest economy and spurred safe-haven buying.

Spot gold rose to a two-week high of USD 1,545.30 an ounce, and steadied around USD 1,540.75 by 1:21 pm EDT (1721 GMT) against USD 1,531.85 late in New York on Thursday.

US gold futures for August delivery rose USD 10.90 to USD 1,541.50, having reached a two-week high at USD 1,546.

Employers in June added the smallest number of new jobs in nine months, dashing hopes of a pick-up in economic recovery. Nonfarm payrolls rose by 18,000, the Labor Department said, well below economists' expectations for a 90,000 rise.

"It is the public-sector employment which was the disappointing factor," said Peter Fertig, a metals consultant at Quantitative Commodity Research. "The market overreacted after yesterday's ADP report showed a strong increase in the private-sector payrolls.

"You have some safe-haven flows (into gold)," he said.

The dollar dropped against several currencies as the US jobs data strengthened expectations the Federal Reserve will leave interest rates low well into next year, prompting investors to embrace alternate safe-havens.

A weaker dollar often boosts dollar-denominated assets, such as gold, because of the advantage it provides buyers outside the United States.

Among other precious metals, silver hit a four-week peak at USD 36.82 an ounce, and remained higher around USD 36.51 against USD 36.41.

Spot platinum slipped to USD 1,729.99 an ounce from USD 1,739.85 on Thursday. Spot palladium was down at USD 775.47 an ounce against USD 781.55 previously.

The platinum:palladium ratio -- the number of ounces of palladium needed to buy an ounce of platinum -- held at its lowest in more than four months at 2.23.

Prices at 1:31 p.m. EDT (1731 GMT)

LAST/ NET PCT YTD

CLOSE CHG CHG CHG

US gold 1530.60 0.00 0.0% 7.7%

US silver 36.536 0.000 0.0% 18.1%

US platinum 1733.40 -9.60 -0.6% -2.5%

US palladium 786.55 0.00 0.0% -2.1%

Gold 1541.26 9.41 0.6% 8.6%

Silver 36.51 0.10 0.3% 18.3%

Platinum 1728.99 -10.86 -0.6% -2.2%

Palladium 774.47 -7.08 -0.9% -3.1%

Gold Fix 1541.50 15.50 1.0% 9.3%

Silver Fix 36.28 42.00 1.2% 18.4%

Platinum Fix 1740.00 5.00 0.3% 0.5%

Palladium Fix 776.00 6.00 0.8% -1.9%

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proof gold coins

proof gold coins

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The collectors edition coins, the gold proofs are struck at a higher quality standard. They come in a pre-packaged protective blue velvet case that is satin lined. If and whenever a gold proof set is shipped to you, it comes with a certificate authenticity. As mentioned before, proof gold coins can not be used for the purpose of insurance against inflation and other such things.

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Chinese gold

Chinese gold has great demand in the global market and its value has not depreciated unlike the other asset class investments. The safe and secure way to invest for your future is to invest in gold that helps you to protect from financial instabilities. The investment on gold has always remained the best security cover during financial crisis. There are several agencies that help you in investing in gold. Having investment in Chinese gold is more secure and safe investment for your retired life. The value of gold has increased many folds in the years and if you had invested in gold then your investment would definitely increase and will be a secure one.

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Gold Prices Today

This page shows the current today's gold prices in United States in U.S. Dollar (USD) according to the local timezone of New York in addition to the last price of yesterday with calculation of the change percent. This includes gold prices in ounce and gram of all gold karats; karat 24, karat 22, karat 21, karat 18, and karat 14. Update: We have added the ask and bid gold price in addition to details about the latest gold trades. Last update: Thursday 14th July 2011 11:45 am According to the time zone of New York
Gold Unit	Current Price Thursday 14th July 2011	Previous Price Wednesday 13th July 2011	Change Percent
Gold Ounce	1,585.55	1,567.55	1.15 %
Gold Pound	356.88	352.82
Gold Gram Karat 24	50.98	50.40
Gold Gram Karat 22	46.73	46.20
Gold Gram Karat 21	44.60	44.09
Gold Gram Karat 18	38.22	37.79
Gold Gram Karat 14	29.75	29.41

Gold Price online

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