Gold again topped $ 1,800 – Earnings of 1.8% per week

Gold rose more than $ 1,800 again on Friday, the highest closing since early September, following data released earlier today that the US economy added more jobs than expected in October, but disappointed participation in labor while rising inflation dampens the prospects for stronger economic growth.

In particular, the US economy added another 531,000 jobs last month, following a revised September increase of 312,000 jobs from 194,000 initially, according to data released by the US Department of Labor. Unemployment fell to 4.6% in October from 4.8%, while the labor force participation rate remained unchanged at 61.6%.

Jobs figures were “excellent and far exceeded expectations,” but the gold probability “benefited from a job participation rate that remains steadily below 62%,” said Jeff Wright, head of investment at Wolfpack. Capital.

The Fed is “always cautious when job participation is not strong and focuses less on the unemployment rate, which has fallen to 4.6% from 4.8%. Many people who could return to work do not,” he added.

Gold has remained “trapped” in the $ 30 range between $ 1,770 to $ 1,800. ounces, said Peter Cardillo, chief economist at Spartan Capital Securities.

The traders are also focusing on inflation, with data on the consumer price index and the producer price index to be announced next week, said Chintan Karnani, director of research at Insignia Consultants. “Data on inflation and its possible impact on the Fed’s monetary policy are expected.”

In this climate, the December delivery gold gained $ 23.30 or 1.3% and closed at $ 1,816.80, the highest closing since September 3, according to FactSet. On a weekly basis, it recorded an increase of 1.8%.

At the same time, the December delivery silver added 25 cents, or 1%, to $ 24,157 an ounce, up 0.9% for the week.

In the other metals, the December delivery copper strengthened 0.5% to $ 4,343 a pound, but fell 0.6% on a weekly basis. Meanwhile, the January delivery platinum added 0.6% to $ 1,035.80 an ounce, up 1.5% for the week. Finally, the December delivery palladium gained 1.6% to $ 2,027.60 an ounce, up 2.4% on a weekly basis.