Gold News & Info

Source: MarketWatch

New York— Gold futures rose Friday, paring their weekly loss as newly released U.S. jobs data increased safe-haven buying. Gold's appeal as a safe haven against economic troubles increased after the Labor Department reported the U.S. lost the most jobs in 2008 since World War II. Gains in gold, however, were limited by a stronger dollar. Gold for February delivery was last up $11.50, or 1.4%, at $866 an ounce on the Comex division of the New York Mercantile Exchange. It fell to as low as $845 earlier. The metal is set to end the week down about 2%, its first weekly loss in five weeks.

"The job report strongly suggests that more [economic] weakness will continue," said Peter Grandich, a metals writer at Agoracom, an online marketplace for the small-cap investment community. And more economic troubles are "bullish for gold," he added. Nearly 2.6 million jobs were lost in 2008, with 1.9 million lost in the past four months, the Labor Department reported. It's the biggest job loss in any calendar year since 1945. The unemployment rate rose to 7.2% in December, the highest in 16 years. See full story.