Gold Futures Settle Higher, Gain Nearly 4% In Week
Gold prices moved higher on Friday and the most active futures contract recorded strong gains for the week, as the dollar extended its weakness.
The dollar index slipped to 92.18 and was last seen at 92.21, down 0.34% from previous close.
Gold futures for December ended up $4.90 or about 0.3% at $1,951.70 an ounce.
For the week, gold futures gained about 3.8%, the biggest weekly surge in three months.
Silver futures for December ended the session with a gain of $0.471 at $25.662 an ounce, while Copper futures for December settled at $3.1540 per pound, gaining $0.0440.
Data from the Labor Department showed U.S. non-farm payroll employment jumped by 638,000 jobs in October after surging up by a revised 672,000 jobs in September. Economists had expected employment to increase by 600,000 jobs compared to the addition of 661,000 jobs originally reported for the previous month.
The Labor Department also said the unemployment rate dropped to 6.9% in October from 7.9% in September. The unemployment rate was expected to slip to 7.7%.
A report released by the Commerce Department showed wholesale inventories in the U.S. rose by 0.4% in September after climbing by 0.5% in August. Economists had expected inventories to edge down by 0.1%.
In election news, Democratic challenger Joe Biden gained more ground on President Donald Trump in the battleground states of Georgia and Pennsylvania, edging closer to winning the White House. The Trump team is pressing legal challenges in several states.
In coronavirus news, the number of new cases in the U.S. rose by over 120,000 on Thursday. Several countries in Europe, including Spain, Germany, the U.K. and Switzerland continued to see spikes in new cases, raising worries about economic recovery.
The material has been provided by InstaForex Company – www.instaforex.com