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The US non-farm payrolls report, which came in below analysts’ estimates, gave an indication to the market that the US Federal Reserve will not reduce its $85 billion per month bond-buying programme until the first quarter of 2014.
While the Fed keeps its stimulus package in place the US dollar will remain under pressure, making it relatively cheaper to buy gold. Gold reached its highest level yesterday since the end of September, and today, though we have seen some sellers, the price is still well above the pre non-farm payrolls level of $1320.
Overnight, the Industrial & Commercial Bank of China reported a large increase in the number of bad debts, which worried investors as it’s not the first time there have been concerns over the Chinese banking system. If other banks in China start to report defaults on loans we could see investors take their cash out of equities and invest in gold.