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US Airstrikes on Syria See Gold Investing Price Hit

[STOCKRUS]

US Airstrikes on Syria See Gold Investing Price Hit Post-Trump High, Makes 'Double-Top' on Weak Jobs Data

Friday, 4/07/2017 14:30

GOLD INVESTING prices twice jumped to $1270 per ounce on Friday, first as the US military bombed Assad-regime facilities in Syria after this week's chemical weapons attack on Idlib, and then as US jobs data said the world's largest economy added just 98,000 jobs in March.

That saw the gold price for US investors touch its highest level since the day of Donald Trump's victory in the White House election last November.

Both times, wholesale gold investing bars then retreated to $1264 per ounce – the late-February peak now called "key resistance" by several price-chart analysts.

Way below economists' forecasts of 180,000 non-farm payrolls growth for last month, the Bureau of Labor Statistics' first estimate was barely half the average March addition of the last 7 years, since the global financial crisis of 2008-2009.

The jobless rate fell however to 4.5% last month, the lowest level since the US housing slowdown began hitting hedge funds betting onsubprime mortgage investment bonds in May 2007.

Investing in gold futures and options had already spiked the price up to $1269 per ounce overnight, adding nearly $20 per ounce inside 1 hour of the US airstrikes in Syria, authorised by the new US President's sudden U-turn against the Assad regime.

Chinese gold prices extended their premium over London bullion quotes to $12.75 per ounce at Shanghai's afternoon 'fixing' benchmark, offering the strongest incentive this week to new imports into the world No.1 consumer nation.

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