The price of Gold closed the week with a slight loss on Friday, down 0.64% to end the week priced at $1904.
Gold has stayed supported, despite less demand from China and India, two of the world’s consumers of the precious metal.
Soft Payroll Figures
The scrap gold price edged lower as the US dollar gained traction following a softer than expected rise in US non-farm payrolls data last week
According to the US Labor Department, non-farm payrolls increased by 661,000 jobs in September. The figures disappointed market analysts who expected job gains would rise by 850,000.
However, there was a silver lining. The unemployment rate dropped to 7.9% in September having been recorded at 8.4% in August.
The sharp decrease in the jobless rate has been attributed to an increase in permanent layoffs and more people leaving the labor force.
Brighter Future for Gold?
Despite the small decline on Friday, gold posted their highest finish in nearly two weeks,
Uncertainty over President Donald Trump’s health and the effect it may have upon the US elections looks set to create a strong backdrop for safe-haven assets such as gold.
As concerns mount over the political stability of the world’s largest economy, combined with a general failure of economic stimulus packages being implemented globally, could well push more investors into the safe arms of the yellow metal.
