Gold News

Gold Jumps as Stocks Rise Ahead of US Jobs Data

From Chris Mullen at GoldSeek.com...

Gold saw decent gains in Asia on Thursday before it fell back off in London and dropped to see a $4 loss at $960.85 shortly after 08:00 EST, but it then shot back higher throughout most of trade in New York and ended near its high of $981.25 with a gain of 1.6%.

The Gold Price in Euros rose to about €691 an ounce.

Silver dropped as much as $0.29 to $15.08 per ounce before it also climbed back higher in New York trade and ended near its high of $15.86 with a gain of 2.9%.

Platinum gained $39 to $1272, and copper gained 9 cents to about $2.30.

Gold Mining and silver equities rose about 3% by late morning and remained near their highs into the close.

The US Dollar index and Treasuries fell while crude oil and the Dow, Nasdaq, and S&P rose, feeling good about the economy after another round of decent economic data and retail sales reports that were not as bad as some feared.

New Jobless Claims for last week fell from the week before, and were only just ahead of expectations. Productivity rose 1.6% in the first quarter from the start of 2008. Labor costs rose 3.0%.

Friday brings May's jobs data and at 2PM is Consumer Credit for April expected down $6.0 billion. Nonfarm Payrolls are expected 520,000 lower, and the Unemployment Rate is expected at 9.2%. Hourly Earnings are expected to 0.1% growth, and the Average Workweek is expected at 33.2 hours.

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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