Gold futures post highest finish since early September

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Gold futures on Friday marked their highest settlement since early September as U.S. Treasury yields declined in the wake of a better-than-expected rise in October U.S. nonfarm payrolls. The strong jobs report “does not change the message that the [Federal Reserve] sent this week that they will not commit to a rate hike in 2022, and this is why real yields are finishing the week lower,” said Edward Moya, senior market analyst Oanda. A fall in Treasury yields lowers the opportunity cost of holding nonyielding assets and that supported prices for gold. “Risk appetite is too strong for gold to have a sustained move above $1,800, but it should see that level as strong support going forward,” said Moya. December gold gcz21 rose $23.30, or 1.3%, to settle at $1,816.80 an ounce, the highest most-active contract finish since Sept. 3, FactSet data show. For the week, prices based on the most-active contract rose about 1.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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