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Gold up on weak U.S. jobs data

English.news.cn   2014-08-02 05:49:04

CHICAGO, Aug. 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange bounced back Friday as weak U. S. jobs data somewhat eased investors' worries that the U.S. Federal Reserve was tilting toward raising interest rates.

The most active gold contract for December delivery rose 12 U.S. dollars, or 0.94 percent, to settle at 1,294.8 dollars per ounce.

The U.S. Department of Labor reported that 209,000 jobs were added in July, marking the six straight month of 200,000-plus gains for the first time since 1997. That number, however, came in below the market average expectation of 233,000 jobs. The same report also pegged the unemployment rate up to 6.2 percent from 6. 1 percent.

The worse-than-expected data pointed to a slack in the U.S. labor market that could give the central bank room to maintain low interest rates for a while.

In response, the dollar weakened versus its major rivals, which also provided some support for gold. As commodities priced in dollar are sensitive to movements in the currency, a stronger dollar can weigh on gold by making it more expensive to investors of other currencies, while a weaker dollar can boost the precious metal.

Silver for September delivery lost 4.1 cents, or 0.2 percent, to close at 20.371 dollars per ounce. Platinum for October delivery lost 1.9 dollars, or 0.13 percent, to close at 1463.3 dollars per ounce.

Editor: Mu Xuequan
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