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Why gold spiked after NFP shocker: Hansen
Ole Hansen, head of commodity strategy at Saxo Bank, explains why gold received a boost after Friday’s surprisingly weak US jobs report.
He says that the data triggered a scramble to reinstate long positions in gold that helped the precious metal settle above the key technical level at $1240/oz.
Continued strong demand for gold during May through exchange-traded products was not enough to offset a one-third reduction from hedge funds.
01:40 minutes
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