Gold News

Gold & Silver Rise with Stocks, Crude Oil Ahead of Key US Jobs Data

From Chris Mullen at

Gold Prices traded mostly higher in Asia and London on Thursday and rose as high as $1253.05 by the start of US trade.

The Gold Price then fell back off in choppy trade, but it still ended with a gain of 0.4% as the US Dollar index saw modest losses as traders positioned themselves ahead of tomorrow's jobs report.

Friday at 08:30 ET brings August's US jobs data. Non-Farm Payrolls are expected down by 120,000, with the Unemployment Rate forecast at 9.6%.

Hourly Earnings are expected 0.1% higher, and the Average Workweek is expected at 34.2.

Then at 10:00 comes the ISM Services report for August, expected at 53.0.

Treasuries meantime fell on Thursday as the Dow, Nasdaq, and S&P traded mostly slightly higher on decent economic data.

The Gold Price in Euros rose to about €976 an ounce.

Silver Prices climbed to a new 3-month high as high as $19.66 an ounce before also falling back off in the last 4 hours of trade, but still ending with a gain of 0.8%.

Platinum gained $18.50 to $1545.50, and copper added another couple of cents to about $3.49.

Gold Mining and silver equities rose over 1% by midmorning and remained near their highs into the close.

Oil rose on decent economic data, worries about hurricanes and developing tropical storms in the Gulf of Mexico, and mixed reports over a new rig platform explosion and a possible oil sheen in the Gulf of Mexico.

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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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