Gold Prices Rise Above $1600 on U.S. Jobs Report

By Midnight Trader,  August 03, 2012, 03:19:05 PM EDT

Gold futures jumped after a report showed the U.S. jobless rate unexpectedly increased to 8.3% in July, a five-month high. The rate was forecast to hold at 8.2%, according to the median in a Bloomberg survey.

Comex gold futures for December delivery increased 1.2% to settle at $1609.30 an ounce, the biggest gain since July 25. Gold traded as high as $1609.90 an ounce and as low as $1588.50. The metal is down nearly 1% this week after central banks in the U.S. and Europe failed to announce new stimulus measures.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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