Gold Rallies on Syria Strike, but Jobs Report Is More Important

 | Apr 07, 2017 | 10:48 AM EDT
  • Comment
  • Print Print
  • Print

Gold moved higher Friday as investors looked to safe-haven assets in the wake of the U.S. missile strike against Syria -- with an initial spike to $1,269 an ounce breaching a critical $1265 resistance level. The metal is still trading at $1,268.90 as I write this.

Although the Syrian news was responsible for gold's initial move higher, the U.S. strike might be less important going forward than Friday's weak non-farm payrolls report will be. The paltry 98,000 jobs that America created in March are raising serious questions about whether the Federal Reserve can continue to raise interest rates without seriously damaging the economy. If rates remain low, gold's ability to attract investment will grow due to its excellent track record of preserving wealth in times of financial stress.

If the metal can close above the critical $1,265 level Friday, then we could be looking at a near-term move to $1,300. So, Friday's price action looks to be very interesting as April gets underway.

(Written by David Yoe Williams)



News Breaks

Powered by


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.