COMMODITIES UPDATE: Gold Up 2% On Weak Employment Report

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Gold futures contracts jumped today as a poor U.S. jobs report supported a view that the nation's economy remains weak and the Federal Reserve's economics stimulus measures will have to continue, possibly raising the national debt.

Gold futures are up $26.40, or 2% to $1,342.20 after trading as high as $1,345.

The employment report said that the economy added 148,000 jobs in September, while the unemployment rate dipped to 7.2%, although the number of long-term unemployed was seen growing and the numbers disappointed.

SPDR Gold Futures ( GLD ) was up 2% to near $129.60.

Silver is also having a fine day as prices for December contracts rose 2% or 49 cents to $22.77 an ounce, following Monday's 1.7% advance.

iShares Silver Trust ( SLV ) is up 2.5% to near $22.



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This article appears in: Investing , Commodities

Referenced Stocks: GLD , SLV

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