Saturday, November 7, 2009

US gold closes strong, off $1,100/oz, on weak jobs

 NEW YORK, Nov 6 (Reuters) - U.S. gold futures finished
Friday moderately higher, pulling off from the $1,100 per ounce
all-time high, but remaining strong as investors sought their
safety after the October U.S. labor market data came in much
weaker than expected, traders said.
 For the latest detailed report, click on [GOL/].
 * COMEX December gold GCZ9 ended $6.4 higher at $1,095.70
an ounce.
 * Range spanned $1,086.50 to a new record at $1,101.90
 * Gold alone among metals rose to a new all-time high as
investors sought a safe-haven investment after the dismal U.S.
employment reading suggested more economic weakness - traders.
 * "Gold rallied early on the unemployment numbers being
higher than expected. It fueled thoughts of additional stimulus
and reinforced the concept that the Fed will not be able to
raise rates any time soon," said Frank McGhee, head precious
metals trader at Integrated Brokerage Services in Chicago.
 * U.S. employers cut 190,000 jobs in October greater than
the 175,000 forecast. The unemployment rate rose to 10.2
percent, a 26-1/2-year high above average forecasts of a 9.9
percent rate. [ID:nN06178752] and [ID:nN06177960]
 * Dollar declines against the yen and the euro over worries
about the U.S. economy following slack jobs figures helped
bolster gold purchases - traders. [USD/]
 * Gold was also underpinned by expectations of renewed
central bank interest after an IMF sale of 200 tonnes of gold
to India this week - traders.
 * COMEX estimated final volume at a healthy 164,334 lots.
 * Spot gold XAU=, by 2:35 p.m. EST (1935 GMT), was higher
at $1,095.15 an ounce than the $1,088.95 quote late in New York
on Thursday, but below the $1,100.90 record hit after the U.S.
jobs data.
 * London's afternoon gold fix XAUFIX=  was set at
$1,096.75 an ounce.

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