CHICAGO, Oct. 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange ended higher Tuesday, amid speculations that the U.S. Federal Reserve will maintain its monetary stimulus to boost the economy.
The most active gold contract for December delivery rose 26.8 dollars, or 2.04 percent, to 1,342.6 dollars per ounce, the highest since Sept. 19, FactSet data showed.
Gold showed a solid rally after the release of the disappointing U.S. jobs report. Market analysts believed this further indicated that the Fed might not taper its monthly bond- buying program until the second quarter of next year.
The U.S. Labor Department said the U.S. economy added 148,000 jobs in September, short of market expectations of 185,000 jobs. Meanwhile, the unemployment rate declined to 7.2 percent, the lowest rate since November 2008, from 7.3 percent in August, according to data delayed by a partial U.S. government shutdown.
The Fed's bond-buying program has helped support gold prices as quantitative easing tends to pressure the U.S. dollar and can lead to inflation. Gold is often seen as a hedge against inflation.
Silver for December delivery rose 51.2 cents, or 2.30 percent, to 22.790 dollars per ounce.