Gold drops on U.S. economic news
A U.S. Jobs report was released this morning, show the unemployment rate has dropped to only 3.8% (the lowest level in 49 years). That report caused the U.S. Dollar Index to raise above 94, and the Dow Jones to rally 150 points at opening. Gold quickly dropped to $1,289 and then rallied $7 per ounce. At 11am PDT today, Gold is trading at $1,296 per ounce, down $5 on normal volume.
Silver responded to the improvement in the U.S. economy with a slight sell-off of $0.15 per ounce on opening. Bargain buyers appeared after the opening and the price moved higher. At 11am PDT today, Silver is down $0.03 per ounce, trading at $16.42 on normal volume.