03 December 2010

Gold price jumps above 1,400 again as US dollar wilts under glare of poor payrolls data

Just 39,000 jobs added, as unemployment rate rises to 9.8 percent

US jobs data disappointed today as Labor Department announced U.S. non-farm payrolls rose just 39,000 last month, against projections for 140,000 new jobs.

This news sparked a broad sell-off of the greenback driving precious metal prices back to near records.

Gold fixed within striking distance of its nominal highs in London this afternoon at $ 1,403.50, £ 894.861 and € 1,051.31 per troy ounce. Silver, also benefiting from US dollar weakness, fixed close to record highs at $28.74, £ 18.38 and € 21.68.

Strong interest at BullionSupermarket.com saw interest in Gold marginally higher than silver, with robust demand supporting premiums with 1 Kilo Gold Bars trading at an average of 5.6% over fix.


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