Gold Jumps on Surprisingly Weak December Jobs Report

by Christopher Freeburn | January 10, 2014 4:35 pm

Gold Silver GLD IAU SLV[1]Gold posted a strong gain in Friday trading after the December jobs report[2] showed that U.S. job creation was much lower than expected last month. The metal notched a modest 0.7% rise for the week.

The Labor Department reported that nonfarm payrolls rose by just 74,000 new jobs in December. That fell far short of the 193,000 new jobs that economists had been expecting, and signaled possible weakness in the U.S. job market. The report sent the U.S. dollar down against other currencies.

Gold futures for February delivery gained 1.4% to $1,246.90 per ounce on Friday, according to CME Group[3]. Gold traded as high as $1,248.50 and as low as $1,226.60. Bullion closed in London at $1,248, according to BullionVault[4].

Silver futures for March delivery surged 2.7%, to $20.22 per ounce. Friday’s high for silver was $20.25, while the low was $19.55.

Metal funds gained on Friday.

Mining ETFs moved up during the day.

Gold stocks advanced on Friday.

Silver mining shares climbed during the day.

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.

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