Gold Ends Week 3% Higher at New USD Records, Silver Adds 9% as Dollar Rallies on US Jobs Data

From Chris Mullen at GoldSeek.com...

Gold climbed to a new record high of $1394.20 in after-hours access trade Thursday night, before falling back off in Asia and London on Friday to drop as low as $1373.75 per ounce immediately following the release of last month's US jobs report.

The Gold Price then rallied to a new record high of $1397.89 in New York, and ended with a gain of 1.1% on the day, some 3.0% higher for the week.

The Gold Price in Euros rose 1.9% on the week to reach €994 per ounce, still shy of its €1040 record this past June.

Silver Prices climbed to a new 30-year high of $26.63 in early Asian trade Friday, before also falling in early New York trade, but then climbing back higher for most of the rest of trade and ending near its late morning high of $26.90 with a gain of 3.1% on the day, nearly 9% up on the week.
 
Platinum gained $17 to $1765 (well shy of its $2255 record set in 2008), and copper gained 4 cents to about $3.94 (still shy of its $4.08 record set in 2008).

Gold Mining and silver equities rose almost 2% to new record highs by mid-morning in New York on Friday, before they fell back to about unchanged in early afternoon trade, bouncing in the last few hours of trade to close the week over 5% higher on average.

Oil rose to a new 2-year high above $87 per barrel in early trade, but it then fell back off in late trade and ended with only a modest gain as the US Dollar index rose on the stronger than expected jobs report, which also sent Treasuries markedly lower.

The Dow, Nasdaq, and S&P ended higher as traders digested strong gains seen earlier in the week, rising some 3% for the week.

The Bureau of Labor Studies said Non-Farm US Payrolls expanded by 151,000 last month, more than twice the rise analysts expected.

The new business Birth-Death adjustment added 61,000 jobs to the data, helping private payrolls show a 159,000 rise. Overall, the Unemployment Rate was unchanged at 9.6%.

Consumer Credit during Sept. meantime showed a surprise increase of $2.1 billion. Analysts had expected a $3.5bn contraction after August's near-$5bn drop.

Pending Home Sales surprised with a 1.8% fall, however.

Next week's US economic data highlights include Wholesale Inventories on Tuesday; Export and Import Prices, the Trade Balance, and the Treasury Budget on Wednesday; Initial Jobless Claims on Thursday; and Michigan Sentiment on Friday.

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