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Precious Metals Punished

by Kip Keen, MineWeb.com:

The spot price of gold in took a battering Friday after a strong US jobs report.

Good economic news in America – the unemployment rate dropped to 5.5 percent while nonfarm payroll increased by 295,000 – buoyed prospects of a US rate hike, viewed as bearish for gold.

The spot price of gold had, at presstime, dropped from over $1,195 to under $1,175/oz gold in the span of two hours Friday morning (New York.)

Meantime, gold fared much better in other major currencies. In euros, the spot price of gold was down by about €7.

Read More @ MineWeb.com

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