Gold price rallies as safe haven buying returns

After six straight days of declines, the gold market finally clawed back some lost ground on Friday after jobs data out of the U.S. disappointed and safe haven buying returned on rising tensions in Eastern Europe.
In late afternoon trade on the Comex division of the New York Mercantile Exchange gold for December delivery was changing hands for $1,178.50 an ounce, up $35.90 or 3.1% from Thursday's close.
In early trade the metal fell to a day low of $1,130.40, levels last seen April 2010. Trading volumes were heavy once again with the most active contract trading the equivalent of 28.7 million ounces, double the three-month average.
U.S. non-farm payroll data released on Friday showed the economy added 214,000 jobs in October, below the 255,000 expected. The unemployment rate fell to 5.8% and when the numbers are not seasonally adjusted, October 2014 comes out as the best employment gain for the month ever.

This post was published at Mining.com

 

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