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Spot Gold Jumps To Record High After US Payrolls

Fri, Nov 6 2009, 13:53 GMT
http://www.djnewswires.com/eu

Spot Gold Jumps To Record High After US Payrolls

LONDON (Dow Jones)--Spot gold rallied to a record high following worse-than-expected U.S. jobs data Friday.

Gold jumped to a high of $1,098.35 per troy ounce, up 0.8% on the day before easing to $1,095.52/oz at 1344 GMT.

Gold rallied despite the dollar's strengthening in reaction to the jobs data. The U.S. economy lost 190,000 jobs in October, worse than the consensus forecast of a loss of 175,000 jobs.

U.S. September payrolls were revised to a loss of 219,000, from an initial estimate of 263,000.

Analysts had forecast that a worse-than-expected reading on the jobs data would weigh on equities and drag gold lower.

-By Matthew Walls, Dow Jones Newswires; +44 (0)20 7842 9412; matthew.walls@dowjones.com

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(MORE TO FOLLOW) Dow Jones Newswires

November 06, 2009 08:53 ET (13:53 GMT)


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