WASHINGTON (dpa-AFX) - Gold prices rose sharply on Friday as the dollar tumbled after data showing an uptick in U.S. unemployment rate in October will encourage the Federal Reserve to slow the pace of interest rate hikes.
The dollar index dropped to 110.96 around mid morning, and despite recovering to 111.15, was down as much as 1.6% from the previous close.
Gold futures for December ended higher by $45.60 or about 2.8% at $1,676.50 an ounce. Gold futures gained about 2% in the week.
Silver futures for December ended up $1.354 at $20.784 an ounce, while Copper futures for December settled at $3.6865 per pound, gaining $0.2595.
Data from U.S. Labor Department showed non-farm payroll employment in the world's largest economy jumped by 261,000 jobs in October after surging by an upwardly revised 315,000 jobs in September. Economists had expected employment to climb by about 200,000 jobs compared to the addition of 263,000 jobs originally reported for the previous month.
The data also showed the unemployment rate in the U.S. rose to 3.7% in October from 3.5% in September. The unemployment rate was expected to inch up to 3.6%.
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