Gold Ends Week 5.3% Higher, Breaks $1100 as Stocks Rise Despite Jobs Data

From Chris Mullen at GoldSeek.com...

Gold spiked as high as $1097.80 immediately following the release of Friday's US jobs data, quickly dropping back $11 an ounce but then rising in New York trade – and touching $1100.95 – before ending the week at a new finishing high, up 0.6% for the session.

October's Non-Farm Payrolls came in 190,000 down from Sept., a faster than forecast drop.

The BLS Net Birth/Death adjustment for new business start-ups added 86,000 payrolls to October's data. The Unemployment rate rose to a new 26-year high above 10%.

Oil fell markedly on worries over low energy demand, but the US Dollar index and Treasuries found only slight gains as the Dow, Nasdaq, and S&P held little changed after an initial sell-off, ending with minor gains.

For the week, the major US indices all rose some 3%, while the Gold Price added 5.3%.

Friday saw the Gold Price in Euros break a series of 8-month highs above €738 an ounce. Silver rose to $17.59 in early London trade, before it fell with gold early in New York, rebounding to end the day unchanged, up 6.7% on the week.

Platinum meantime lost $16.50 an ounce to $1339 on Friday, and copper remained at about $2.95.

Gold Mining and silver equities rose over 3% in the first hour of Friday's trade before they fell back off a bit midday, but they still ended with about 2% gains.

For the week, Gold Mining and silver stocks added more than 11%.

Next week's US economic highlights include Initial Jobless Claims and the Treasury budget on Thursday, and Export and Import Prices, the Trade Balance, and Michigan Sentiment on Friday.

Looking to Buy Gold today...?