Gold Prices Rise As Employment Rate Drops

The Street reported that employment rates are dropping, proving that central banks need to start making efforts to boost the economy, and gold prices were on the rise.

As quoted in thre report:

Gold for December delivery was climbing $5.50 to $1590.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,603 and as low as $1,588.50 an ounce, while the spot price rose $11.50, according to Kitco’s gold index.

Adrian Day, president of Adrian Day Asset Management, commented:

I don’t think the market is up because payrolls climbed more than forecast, because it’s still not fast enough … but I think the market is up because the unemployment rate is so high, and so the market’s saying that just increases the chance that we’re going to see something in September.

Click here to read the full The Street report.