Gold futures mark worst weekly performance since Thanksgiving week

gold-futures-mark-worst-weekly-performance-since-thanksgiving-week

Gold futures settled higher on Friday after a disappointing rise in December U.S. nonfarm payrolls. Prices, however, still marked their worst weekly loss since the period ending Nov. 26, FactSet data show. The U.S. created a much smaller-than-expected 199,000 jobs in December, but the U.S. jobless rate slipped to 3.9% from 4.2%. “It seems traders are still expecting a March interest rate hike,” said Chintan Karnani, director of research at Insignia Consultants. Investors will look to next week’s inflation numbers and trends in the U.S. stock market to help guide the next move for gold prices, he said. February gold GCG22, +0.42% rose $8.20, or 0.5%, to settle at $1,797.40 an ounce, with the most-active contract ending the week with a loss of about 1.7%.

Source: Marketwatch

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