Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold edged up 0.1% to close above $1,267 after a surprisingly weak jobs report raised questions about the labor recovery and reduced pressure on the Fed to raise interest rates. The metal climbed as high $1,275 in intraday trade before the announcement of a ceasefire in the Ukraine curtailed safe-haven bids.

In the worst showing since last December, U.S. nonfarm payrolls rose by just 142,000 in August, well short of forecasts. It was first time this year that fewer than 200,000 jobs were created, according to Labor Department data. Totals for June and July were revised lower by a combined 28,000. The unemployment rate fell to 6.1% as fewer jobseekers entered the market, dropping the labor-force participation rate to a 26-year low.

The dollar rolled back after the jobs report, which is expected to bolster Fed Chair Janet Yellen's position that too much slack remains in the labor markets to justify tightening monetary policy before the middle of next year at the earliest.

The other precious metals generally tracked higher with gold, with silver adding 0.1% and platinum 0.2% while palladium finished virtually unchanged. At the Comex close: Decemebr gold edged up 80 cents to $1,267.30; December silver picked up 2 cents to $19.16; October platinum added $2.80, to $1,411.10; and December palladium was flat at $891 an ounce.