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COMMODITIES UPDATE: Dec 2013 Gold Up 1% to $1330 on Weak U.S. Jobs Data

Gold futures contracts rose sharply today on the weak U.S. September nonfarm-payrolls report and unemployment rate data.

Gold for December delivery (GCV13.CMX) is up $14.60, or 1.1% to $1,330.30 after trading as high as $1,338.

Safe haven investors flock to precious metals on signs of economic weakness.

September saw the U.S. economy add just 148,000 jobs, significantly worse than expected, and while the unemployment rate fell to 7.2% the labor force participation rates are at 35-year lows.

The exchange traded fund SPDR Gold Shares ( GLD ) rose 15 cents, or 0.1%, to $127.00.

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

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