Gold rebounds 1% having dropped to 4-month minimum
On Monday, gold prices traded higher during European trading session, as traders returned to the market to look for cheap valuations after futures descended to the lowest value in almost four months.
In New York, December delivery gold futures leapt 1.2% to a session high of $1,266.75 per troy ounce. Last it traded at $1,263.75.
There won’t be floor trading on the Comex on Monday. It’s because of the Columbus Day holiday in America. All electronic transactions are going to be booked with Tuesday's trades for settlement.
On Friday, gold prices fell to $1,243.20, a value, which hasn’t been observed since June 7, as dismal American employment data wasn’t seem to alter the Fed’s plan for increasing interest rates before the end of 2016.
The American economy gained up to 156,000 jobs the previous month, down from a revenue of 167,000 in August. Meanwhile the unemployment rate rose to 5%, as the Labor Department reported on Friday.