NiveshDaily Commodity | November 10th 2014:: IndiaNivesh

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Bullion- Gold shoots up on lackluster U.S. October payroll report
Recap
Gold shot up on Friday after data revealed the U.S. picked up fewer jobs in October than anticipated,
which brought in bargain hunters who snapped up nicely-priced positions in the metal. The Department of
Labor reported earlier that the U.S. economy added 214,000 jobs in October, missing expectations for an
increase of 231,000. The number of jobs added in September was revised to 256,000 from a previously
estimated 248,000. The report also revealed that the U.S. unemployment rate ticked down to 5.8% in
October from 5.9% in September. Analysts had expected the unemployment rate to remain unchanged
last month. While not overwhelmingly disappointing, the less-than-stellar report gave investors room to
go long on gold while taking time to rethink when the Federal Reserve will hike interest rates next year.
Gold has softened in recent months as investors prepare for U.S. monetary policy to grow less
accommodative while Europe and Japan move in the opposite direction, which has chipped away at the
precious metal's appeal as a hedge to low interest rates. The Fed recently closed its monthly bond-buying
program and is expected to raise interest rates some time in 2015, though the timing as to when next year
benchmark borrowing costs may rise remains up in the air thanks to hit-or-miss U.S. data. Gold and silver
settled on MCX division at 25932 and 34796 respectively

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