Gold ends higher after December jobs report, but logs sharpest weekly loss since Thanksgiving

Gold ends higher after December jobs report, but logs sharpest weekly loss since Thanksgiving

Gold futures ended with a gain on Friday after a report on the U.S. labor market showed that the country created 199,000 new jobs in December, far short of estimates for more than twice that figure.

Prices, however, still suffered a loss for the week, their worst since Thanksgiving week.

The report, which some viewed as mixed because of some positive aspects embedded in the monthly update, may signal that labor shortages and the omicron variant of coronavirus that causes COVID-19 are still hamstringing the jobs market.

The headline number was a “big miss,” Jeff Wright, chief investment officer at Wolfpack Capital, told MarketWatch.

The 199,000 new jobs in December came in well below the 422,000 jobs forecast by economists polled by The Wall Street Journal. The jobless rate, meanwhile, slipped to 3.9% from 4.2%, while hourly pay jumped 19 cents, or 0.6%, to $30.31.

“The biggest concern…

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