gold

Gold traded higher on friday, breaking the resitance levels at $ 1750.00 but could not hold on to the gains. Market seems locked in a range, reacting nervously to any news. Nonfarm payrolls were released on friday, showing a rise of 120k for november, the unemployment rate fell to 8.6 % from 9 % in the month before. This is the first time the jobless rate has been under 9% in nearly three years. The data sparked hopes that the US economy is headed in the right direction and will lead to a increased demand for oil, which was up by 76 cts on the day. Gold holdings by ETFs showed only a small increase over the course of the last week. In the news: Bank of Korea has increased its gold holdings for the second time this year as diversification of their portofolio.