(Dow Jones) Gold prices swung between small gains and losses Friday after the latest jobs report was mixed.
Futures for December delivery recently were less than 0.1% at $1,278.20 a troy ounce on the Comex division of the New York Mercantile Exchange after falling 0.2% before the jobs report.
Although the Labor Department said the US economy added fewer jobs than expected in October and wage growth slowed, revisions showed the labour market weathered hurricane damage better than previously estimated.
Fed’s interest rate plans
The report is unlikely to change the Federal Reserve's plans to raise interest rates again in December, meaning the outlook for gold was also largely unchanged, said Tai Wong, head of metals trading at BMO Capital Markets. He said he expected gold to continue reacting to moves in other assets such as the dollar, which makes dollar-denominated commodities more expensive to foreign buyers when it rises.
The WSJ Dollar Index, which tracks the U.S. currency against a basket of 16 others, pared earlier losses and was recently down less than 0.1%. Mr. Wong noted the market also was still digesting President Donald Trump's nomination of Jerome Powell as the next Fed chair and the Republican tax plan along with the jobs report.