Enthusiasm Curbed, Temporarily

As I write this entry, the post-jobs-report enthusiasm for gold has mostly disappeared. After bottoming at US$1,120, gold spiked up after the jobs report was released. After peaking later at close to $1,138, though, the metal gave up most of its spike gain.

The spike-down in the greenback almost completely reversed. After plummeting to 77.393, the U.S. dollar index has vaulted back up to a little below 78.


Update: When I originally posted, I thought that things had gone back to calm. That assumption was wrong. Instead of returning to pre-jobs-report levels, the U.S. Dollar Index made a new daily low after 1 PM. As I write this post, it's below 77.5.

Gold, sure enough, has gone back to the climb. After hitting the $1127 point, it meandered for a bit and then took off. As of about 1:30 PM ET, the metal had slightly bettered its earlier high; as I write this post, spot gold's eased back to $1,135.90.


More fool I. The time I thought things had gone back to calm was the same time that the greenback began to sink again.