Gold Price per Ounce made a rebound on Wednesday after news from several companies that they did meet their expectations of job creation over the past quarter. Positive numbers from the US government on the economy had actually brought Gold Price per Ounce down but the latest jobs news helped with a rebound. Gold Price per Ounce closed in New York at $1,424.90, up $7.90. It did see a high of $1,431 and a low of $1,413.10 on the day.
Silver Price per Ounce also responded to the jobs news on Wednesday as it closed at $37.51 an ounce which set its record over this past current precious metals hike and its highest price in 31 years. The job numbers fiasco is one that is being said was because some of the numbers were misreported.
Latest reports say that 201,000 jobs were created in March but the numbers from February were the ones that were misreported. It was first announced that 218,000 jobs were created in the public sector in February but those numbers were changed to 207,000. Still, the job numbers are still encouraging.
George Gero, senior vice president at RBC Capital Markets says that the job market and the performance of the economy will have the biggest effect on the price of gold. 'Gold buyers are back after the disappointing news about the job market from February. There is going to have to be some kind of re-balancing. We are hoping that it comes towards the end of the year. We have a projection of gold being between $1,400 and $1,450 this year. If the Gold Price per Ounce goes over $1,450, that is when you are going to see another bull rush with gold' said Gero.