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    02.10.2015 15:15 Gold price climbs on the weak U.S. labour market data

    Gold price rose on the weak U.S. labour market data. According to the U.S. Labor Department, the U.S. economy added 142,000 jobs in September, missing expectations for a rise of 203,000 jobs, after a gain of 136,000 jobs in August. August's figure was revised down from a rise of 173,000 jobs.

     

     

    The increase was partly driven by a rise in health care employment. Health care sector added 34,000 jobs in September, while the manufacturing sector lost 9,000 jobs.

     

     

    Professional and business services sector added 31,000 jobs in September, while mining sector shed 10,300 jobs.

     

     

    The U.S. unemployment rate remained unchanged at 5.1% in September, in line with expectations. It was the lowest level since April 2008.

     

     

    Average hourly earnings were flat in September, missing forecasts of a 0.2% gain, after a 0.4% increase in August. August's figure was revised up from a 0.3% rise.

     

     

    The labour-force participation rate declined to 62.4% in September from 62.6% in August. It was the lowest level since October 1977.

     

     

    These figures indicate that the interest rate by the Fed this month is unlikely despite comments by some Fed officials.

     

     

    Gold is traded in U.S. dollars. It suffers when the U.S. dollar strengthens, becoming more expensive for holders of other currencies.

     

     

    December futures for gold on the COMEX today increased to 1140.90 dollars per ounce.

     

     


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