February 01, 2013 at 12:00 PM EST
Gold futures shoot higher on jobs report
Friday, February 01, 2013 Gold futures shoot higher on jobs report Gold futures jumped Friday, gaining after mixed U.S. jobs data helped underpin demand for the metal and as the dollar pulled back against some crosses. Gold for April delivery surged nearly $19 to $1,679.30 U.S. an ounce in New York. Gold futures fell more than 1% on Thursday, as profit-taking set in following an advance fueled by a surprise fourth-quarter contraction for the U.S. economy as data earlier this week showed. Investors had been unwilling to sit on long positions going into Friday’s U.S. jobs data as well as fresh numbers on the Chinese economy. The U.S. created just 157,000 jobs in January, falling short of expectations, as the unemployment rate rose to 7.9%. However, one-third of a million more jobs were added in 2012 than previously estimated. Analysts had been predicting that a disappointing number on the jobs front could boost gold. In foreign-exchange trading, the dollar weakened against the Japanese yen but moved higher on the euro in the wake of the U.S. employment data. The ICE dollar index stood at 79.119, compared to 79.179 in late North American trade on Thursday. Also Friday, silver for March delivery rose 61 cents, or 2%, to $31.94 U.S. an ounce, while April platinum advanced $11.60, or 0.7%, to $1,686.60 U.S. an ounce and March palladium rose $4.75, or 0.6%, to $750.45 U.S. an ounce. Copper for March delivery was flat at $3.74 U.S. a pound.
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