Gold ends above $1,400 on weak dollar, jobs data

NEW YORK (BestGrowthStock) – U.S. gold futures ended more than 1 percent higher on Friday, rising above $1,400 an ounce, as the dollar tumbled after disappointing jobs data cast doubt on the strength of the U.S. economic recovery.

* For the latest detailed report, click on (GOL/: ).

GOLD

* COMEX February gold futures settled up $16.90, or 1.2 percent, at $1,406.20 an ounce on the COMEX division of the

NYMEX.

* Ranged between $1,385.30 and $1,417 — a three-week high.

* Gold breached $1,400 for the first time since November after data showed U.S. nonfarm payrolls barely grew in November and the jobless rate unexpectedly hit a seven-month high.

* Disappointing employment data makes it more likely that the U.S. Congress will have to extend unemployment insurance, tax cuts and deficits spending, which is positive for gold – Tom Pawlicki, precious metals and energy analyst at MF Global.

* COMEX gold futures volume was almost 35 percent below the one-month average, as most U.S. investors had completed rolling over to February contracts from December futures prior to December’s first-notice day on Tuesday.

* Bullion was up more than 3 percent this week, its biggest gain since April, pushed higher by lingering fears about a sprawling European debt crisis and fund buying in commodities across the board.

* Spot gold rose 2.1 percent to $1,414.19 an ounce at 4:12 p.m. EST (2112 GMT), its biggest one-day rise since November 4.

* London afternoon gold fix at $1,403.50 an ounce.

SILVER

* COMEX March silver ends up 69.9 cents, or 2.5 percent, at $29.271 an ounce, helped by strong coin demand.

* Ranged from $28.595 to $29.490 an ounce.

* COMEX silver volume was 35 percent below average at less than 70,000 lots.

* Spot silver tracked gold higher, trading up 3 percent at $29.34 an ounce.

* London silver was fixed at $28.74 an ounce.

PLATINUM

* NYMEX January platinum finished up $15.40, or 0.9 percent, at $1,728.50 on broad-based commodities and metals gains.

* Spot platinum rose 0.9 percent to $1,723.99.

PALLADIUM

* NYMEX March palladium closed up $6.40 at $770.10 an ounce on strong investment demand and lingering worries about Russian supply.

* Spot palladium gained 0.7 percent to $764.47, off a 9-year high of $776.22.

Prices at 4:06 p.m. EST (2106 GMT)

LAST/ NET PCT YTD

CLOSE CHG CHG CHG US gold 1406.20 16.90 1.2% 28.3% US silver 29.271 0.699 0.0% 73.8% US platinum 1728.50 15.40 0.9% 17.5% US palladium 770.10 6.40 0.8% 88.4%

Gold 1415.06 30.31 2.2% 29.1% Silver 29.33 0.82 2.9% 74.2% Platinum 1726.00 17.51 1.0% 17.8% Palladium 764.47 5.25 0.7% 88.5%

Gold Fix 1403.50 11.75 0.8% 27.1% Silver Fix 28.74 24.00 0.8% 69.2% Platinum Fix 1718.00 3.00 0.2% 17.2% Palladium Fix 758.00 5.00 0.7% 88.6%

Gold ends above $1,400 on weak dollar, jobs data