The precious complex pushed higher yesterday, fueled by the ECB bond buying program

The precious complex pushed higher yesterday, fueled by the ECB bond buying program and the deteriorating situation in  South Africa. Gold rallied and closed Thursday’s session at $1796.5 as comments from ECB President Mario Draghi indicate that the bond buying program is in place and ready to begin Outright Money Transaction. Platinum closed Thursday’s session at $1725.10 as strikes continue to spread across the mining industry in South Africa.  However, risk assets now find themselves under pressure as the U.S. Non-Farm Payroll data, releases at 8:30 am this morning, showed employment in the world’s #1 economy remains weak. The economy created just 114,000 jobs in September, only modestly better than the 96,000 jobs created in the month prior. The unemployment rate did drop to 7.8% but most likely due to more people giving up the job search than people getting back to work. Gold was once flirting with $1800 but now trades ~.75% lower on the day…currently at $1784. Platinum for January delivery reached as high as $1734.5 but now trades at $1715. Have a great day!