Gold News

US jobs data 'crucial' for gold prices

Fears are growing over a possible US recession following comments made by Federal Reserve chairman Ben Bernanke in congress on Wednesday (April 2nd), leading to an increase in gold investment.

Mr Bernanke hinted that the rumours of recession could be true and that interest rate cuts may be made to try to stablise the economy, according to Reuters. This could spark a rapid increase in gold investment in the coming months.

One analyst said he was confident in gold futures against the dollar.

"Gold is looking decent here. I'm not convinced the worst is over for either the credit market crisis or the US economic slowdown. US jobs data will be crucial for the market. Poor numbers would see renewed dollar weakness and gold may push back over $920," said David Thurtell, metals analyst at BNP Paribas.

Data on jobs released on Friday (April 4th) could also be vital for gold prices, since figures suggesting that the US is struggling to create jobs could decrease confidence in the dollar still further.

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