Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.3% to close near $1,206 as weaker-than-expected jobs data pressured the dollar, boosting demand for alternative stores of value. The metal finished the week with a rise of 0.8%.

US nonfarm payrolls added 134,000 jobs in September, the fewest in a year, as retail and the leisure/hospitality industries lost workers. Totals for July and August were revised higher by 87,000 jobs, however, pushing the unemployment rate down to 3.7%.

Wage growth was flat for the month, pulling the annual rate down slightly to 2.8% and reducing concerns that inflation will accelerate beyond the Fed's 2% target. The dollar softened 0.1% against major rivals as traders speculated that the tepid data eases pressure on the Fed to accelerate the pace of rate hikes.

The other precious metals were mostly higher for the day and mixed for the week. Silver added 0.4% today but lost 0.4% this week. Platinum was unchanged for the day and 0.3% higher for the week. Palladium jumped 1.1% today but finished week 1.5% lower.

At the Comex close: December gold gained to $1,205.60; December silver added 6 cents, to $14.65; January platinum was flat at $824.50; and December palladium jumped $11.60 to $1,057.10 an ounce.