MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: October 9

MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: October 9 – 13

MTECHTIPS-Gold prices rebounded from two month lows on Friday as fresh concerns over tensions with North Korea pressured the dollar lower and bolstered safe haven demand for the precious metal. Gold futures for December delivery settled up 0.48% at $1,279.26 on the Comex division of the New York Mercantile Exchange, after falling as low as $1,262.80 earlier. The dollar fell following reports on Friday that North Korea is preparing to test a long-range missile, adding to fears over a potential conflict in the region. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.16% at 93.62 late Friday, after hitting a more than two-month high of 94.10 earlier in the session. A weaker dollar makes gold futures, which are denominated in the U.S. currency, cheaper for foreign buyers. The dollar earlier rose as higher than expected wage growth in the U.S. jobs report for September was seen as potentially boosting inflation. The U.S. economy lost 33,000 jobs in September, the Labor Department reported, ending seven straight years of job growth. But the decline was driven by slower hiring due to the effects of Hurricanes Irma and Harvey
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