Gold up after US jobs report release

Chicago: Gold futures on the COMEX division of the New York mercantile exchange rose after the release of the US jobs report. The most active gold contract for December delivery rose $4 (0.37 percent) to settle at $1,094.10 per ounce on Friday, Xinhua reported. Gold was given support as a report released by the US department of labour showed non-farm payrolls increased by 215,000 in July. The report said the unemployment rate remained unchanged at 5.3 percent.

Analysts believe this report was good enough to allow the Fed to continue considering raising the US interest rate in September. An increase in the Fed’s interest rate drives investors away from gold and towards assets with a return, as the precious metal bears no interest. Silver for September delivery added 14.4 cents (0.98 percent) to close at $14.821 per ounce. Platinum for October delivery added $6.2 (0.65 percent) to close at $962.20 per ounce.

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