After Friday’s big move, could $1,000 gold still be in the cards for 2015? Gold ended the week up 2% after coming close to a six year low earlier in the week. Despite Friday’s price action, Gary Wagner, editor of thegoldforecast.com said that $1,000 gold cannot be ruled out in 2016. Wagner said that gold could still be drawn toward the $1,000 round number and a retest of that key psychological level remains possible. In this edition of Kitco’s gold report, Wagner comments on whether gold is saying, ‘who cares’ to the rate hike or whether the U.S. Fed’s plan was priced in long ago. Gold’s rally started in earnest Friday, following the release of November’s nonfarm payrolls report, which was relatively in line with expectations. The data showed that 211,000 jobs were created in November with consensus forecast calling for job gains of around 200,000. At the same time, October’s already red-hot labor market report was revised up to 298,000 jobs. Comex February gold futures ended Friday’s session up almost 2% on the day and 2.6% for the week, settling at $1,084.10 an ounce.
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