Gold futures shed early losses to gain about $10 U.S. Friday after a disappointing U.S. jobs report pushed off expectations of when the Federal Reserve could start reducing its extraordinary stimulus.
Gold for December delivery was recently up $11, or 0.8%, at $1,384.20 U.S. an ounce on the Comex division of the New York Mercantile Exchange. It was down about $4 before the report and had risen as much as $20.60 U.S. in its wake. Silver, copper and other precious metals also rallied. The SPDR Gold Trust rose 1.5% in early trade.
The Commerce Department said the U.S. added 169,000 new jobs in August. That was slightly less than the 173,000 jobs forecast in a recent poll. More unsettling, however, was the revision to estimated June and July jobs gains, which were reduced by a combined 74,000.
Treasurys rallied, sending yields lower; the U.S. dollar fell; and stock-index futures extended gains after the report. An announced tapering, or a slowing of the bond purchases known as quantitative easing, was expected by many economists and investors at the end of the Fed’s meeting Sept. 17 and 18. The jobs report was seen as the final key data release that would inform the Fed’s decision on when to scale back.
December silver swung higher. It was recently up 54 cents, or 2.3%, at $23.80 U.S. an ounce.
December copper picked up three cents, or 1%, to $3.28 U.S, a pound.
October platinum rallied $19.30, or 1.3%, to $1,501.40 U.S. an ounce.
December palladium rose $3.75, or 0.6%, to $690 U.S. an ounce.
