Gold Rallies After Drop in Jobs Data

by Christopher Freeburn | December 7, 2012 4:51 pm

Gold Rallies After Drop in Jobs Data

PreciousMetalsRecap Gold Rallies After Drop in Jobs Data[1]After falling in early trading on a better-than-expected U.S jobs report for November[2], gold rallied as investors noted downward revisions for the number of jobs added in prior months and looked ahead to the outcome of next week’s Federal Reserve meeting and possible further stimulus efforts.

Gold futures for December delivery increased to $1703.10 on Friday, according to CME Group[3]. Gold traded as high as $1,704.50 and as low as $1,684. Gold bullion closed in London at $1,707, according to BullionVault[4].

Silver futures for December delivery increased to $33.04 per ounce. Friday’s high for silver was $33.22, while the low was $32.65.

Gold and silver funds moved higher in Friday trading.

Gold and silver mining ETFs rose during the day.

Gold mining shares mostly climbed, with NovaGold Resources (NYSE:NG[11]) outpacing the others.

Silver mining shares moved higher on Friday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. U.S jobs report for November: http://investorplace.com/2012/12/146k-jobs-added-in-november-unemployment-falls-to-7-7/
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  14. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  15. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  16. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  17. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com/

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