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Gold, Silver, Bonds & USD Report: Technical & Fundamental Analysis

Gold sank almost 2 percent to two-week lows on Thursday as upbeat U.S. economic data heightened expectations the U.S. Federal Reserve may soon rein in its massive stimulus program that has bolstered bullion prices.

The European Central Bank’s pledge to keep interest rates low reversed early gains in bullion, while a lack of progress in any U.S. military action against Syria further weighed on the precious metal’s safe-haven status.

Selling in gold accelerated and pushed prices down to $1,364.91 an ounce, their lowest level since Aug. 22, after data showed growth in the U.S. services sector accelerated in August to its fastest pace in almost eight years.

That came on top of news that private employers added 176,000 jobs in August and new claims for jobless benefits fell to a near five-year low last week.

Those numbers suggested the labor market – a key for Fed decisions – is in a slow-but-steady recovery and the central bank may be convinced to trim its monthly purchases of $85 billion in Treasuries and mortgage-backed securities.

Official U.S. jobs data for August is due on Friday.

Silver Price & USD Technical & Fundamental Analysis

Jump In Bond Yields: $1000 Gold Now A Possibility

Kitco News speaks with iiTrader’s Bill Baruch about gold prices in relation to rising government bond yields as “Septaper” talks still loom. With nonfarm payrolls expected Friday, traders await the latest economic indicator to decipher whether the Fed will begin to taper in September. According to Baruch, the yield on the U.S. 10-year Treasury note rose to the highest level since July 2012. If rising yields and positive economic data continue to come out, gold at $1,000 is possible, he added. Watch now to hear what Baruch expects for gold and silver in the coming months. Kitco News, September 5, 2013.

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