BLBG: Gold Advances Above $1,400 as U.S. Payrolls Increase Less Than Estimated
Gold climbed above $1,400 an ounce in New York as U.S. employers added fewer jobs than forecast in November, boosting demand for a protection of wealth.
Payrolls increased by 39,000 positions, less than the most pessimistic projection of economists surveyed by Bloomberg News, Labor Department figures showed today. The jobless rate rose to 9.8 percent, the highest since April. Gold futures reached a record $1,424.30 an ounce on Nov. 9.
Weaker-than expected jobs data “will likely keep metals buoyed due to continued focus on easy Fed policy,” Tom Pawlicki, an analyst at MF Global Holdings Ltd. in Chicago, said in a report, referring to the Federal Reserve.
Gold futures for February delivery added $13.90, or 1 percent, to $1,403.20 an ounce at 8:42 a.m. on the Comex in New York. The metal for immediate delivery in London was 1.2 percent higher at $1,402.25.
To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net;
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
