Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin— Gold and silver were pressured lower again Friday with the release of the U.S. non-farms payroll report which showed 271,000 new jobs created in October, significantly surpassing analysts expectations of 180,000 new jobs. The unemployment rate edged lower from 5.1% to 5% and hourly wages increased 0.4% in October for the strongest 12 month year on year wage increase since 2009. The U.S. dollar index surged from 98.30 as high as 99.44 on the news. The stronger than expected jobs report increased the likelihood the Fed will raise interest rates for the first time in nine years at their December meeting.

At the Comex close: December gold slid $15.20 to $1,089.20; December silver dropped 31 cents to $14.75; January platinum shed $12.70 to $940.40; and December palladium gained $11.00 to $617.30 an ounce.