Bear streak in bullion shrugging off every data available in market

Gold, silver and copper are finding themselves unable to resist the renewed weakness on the commodities markets and are likewise falling.

Gold is trading only just above $1,050 per troy ounce at its lowest level since February 2010.

Gold in euro terms dropped back below the €1,000 per troy ounce mark again on Friday for the first time since early October.

Gold prices have been relentlessly tumbling from 1795.80 in October 2012 to the recent lows of 1064.34 levels.

The gold price yesterday did not react to the healthy US job data nor did it react to the resulting stronger dollar, and closed slipping below 1050 mark.

The upbeat nonfarm job creation astonished the streets by reporting 217K jump from the previous 196K has surpassed the forecasts at 191K, remained quite solid in November series.

In addition the US ISM non-manufacturing survey is likely to give the good clue to today's payrolls release.

But market participants seem to be clearly convinced that the US Federal Reserve will raise interest rates on 14 December regardless of the data situation.

This is doubtless putting pressure on the price and is likely to preclude any recovery in the next two weeks.

Once the Fed has begun its rate hikes, however, the uncertainty should abate and the gold price should be able to rise again, until then irrespective of the factors the yellow metal should head towards 1000 marks.