Home / Forex Analysis / Gold Plunges To Lowest Since July

Gold Plunges To Lowest Since July

Gold futures tumbled to their lowest in four months Thursday amid yet another upbeat economic report.

The jobs market appears in excellent condition if recent data is to be believed. Rising stocks also diminished gold’s safe haven appeal.

Feb. gold dropped $13, or 1%, to settle at $1,253.10/oz — the lowest since July.

In a prelude to Friday’s jobs report for November, initial U.S. jobless claims, fell by 2,000 to 236,000 in the seven days ended Dec 2. Economists forecast claims of 240,000.

Yesterday data showed employment in the U.S. private sector increased by slightly more than expected in the month of November, according to payroll processor ADP.

With tomorrow’s official jobs report from the Labor Department expected to confirm such good tidings, the Federal Reserve is all but certain to raise interest rates next Wednesday.

The material has been provided by InstaForex Company – www.instaforex.com