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Gold pulls back from five-week highs
LOS ANGELES (MarketWatch) — Gold futures dipped Wednesday, giving back a portion of the hefty gains notched in the wake of disappointing monthly U.S. jobs numbers a day earlier.
In electronic trade, December gold GCZ3 -0.60% gave up $3.80, or 0.3%, to $1,341.60 an ounce. Silver SIZ3 -0.61% shed 10 cents, or 0.4%, to $22.69 an ounce.
Gold futures on Tuesday surged 2% to reach their highest level in nearly five weeks after a lackluster September jobs report raised expectations that the Federal Reserve will stick to its monetary easing policy for the foreseeable future.
The employment numbers showed the economy added only 148,000 jobs last month. Economists polled by MarketWatch were looking for 185,000 jobs.
Still, the payroll data “is likely to have little impact on the market, given that the market would prefer to look at the October numbers instead,” Standard Bank’s Walter de Wet said in a note. “Physical demand has slowed over the past few days, which could drain some support for gold. That said, we would expect demand to improve should gold fall below $1,300.”
Elsewhere, December copper HGZ3 -0.81% shed 3 cents, or 0.9%, to $3.31 a pound. Platinum for January delivery PLF4 -0.70% held steady at $1,447.80 an ounce while December palladium PAZ3 -0.52% lost $2.90, or 0.4%, to $750 an ounce.
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