Gold prices fall below the key $1,200 level on the back on a strengthening US dollar and better-than-expected jobs report as markets anticipate the upcoming FOMC meeting; iiTRADER's Bill Baruch joins Kitco News' Daniela Cambone to help make sense of it all on today's edition of "On The Spot". According to Baruch, we're seeing a combination of factors pressuring the gold market, stemming from the fact that gold is priced in US dollars, and while other central banks in Europe are just beginning to initiate quantitative easing, the US is beginning to "ease its foot off the easing peddle," resulting in the U.S. dollar reaching its highest levels since June 2010.
Furthermore, Baruch states that even if you don't buy into the strengthening dollar, you should look to US trade partners during this market action. Baruch also discusses the revised, stronger-than-expected jobs report that is weighing on gold, the possible support for gold that may come from the upcoming Indian holiday, and looks ahead to this month's FOMC meeting, when all eyes will be on Fed Chair Janet Yellen.
Tune in to hear Baruch's interpretation of the recent carnage in the gold market and learn what factors he believes will impact gold prices in the coming weeks. Kitco News, October 3, 2014
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