Gold saw some upside after the fixing as the U.S. Dollar softened.

Gold saw some upside after the fixing as the U.S. Dollar softened. The economy continues its momentum with weekly jobless claims exceeding expectations. Weekly jobless claims dropped to 330,000 vs. prior weekly claims of 345,000. Both the BOE and ECB have decided to keep interest rates unchanged. The ECB is keeping interest rates at .25% and the BOE is keeping rates at .50%. Today is the day investors have anxiously been waiting for because the Nonfarm Payrolls and unemployment numbers come out! The U.S. economy added 74,000 positions vs. expectations of 196,000. The unemployment rate dropped to 6.7%  vs. a forecast of 7% due to a dwindling labor force participation rate. Investors are surprised by today’s job report as the actual numbers seem to be very inconsistent with the robust ISM numbers, better than expected ADP Report, and declining weekly jobless claims. The precious metals complex views the weak job report as positive news and thus, all the metals are currently trading on the upside. Have a great weekend!