Gold rebounded from early weakness, holding gains Friday in a bid to break a seven-day losing streak after data showed the U.S. economy created fewer jobs than expected in November.
Gold for December delivery rose $9.40, or 0.8%, to $1,152 U.S. an ounce. December silver gained 14 cents to $15.55 U.S. an ounce.
The U.S. Labor Department said the U.S. generated a weaker-than-expected 214,000 new jobs in October, while the unemployment rate unexpectedly slipped to 5.8% from 5.9%. Analysts said the report was still solid, marking the ninth straight month the economy has added 200,000 jobs or more, a streak last accomplished in 1994.
A day earlier, gold settled at its lowest level since April 2010, dented by the prospects of a strengthening dollar and a lack of demand overseas. The fact that equities have knocked out new highs has kept investors from heading back into the supposed haven of gold. Early Friday, however, stocks were lower.
