Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold edged up 0.1% to close at $1,304.50 as investors shrugged off solid jobs data and falling oil prices to cleave toward safety ahead of next Tuesday's U.S. presidential election. The metal posted a gain of 2.2% for the week, its fourth weekly win in a row.

The economy created a solid 161,000 new jobs in October, according to the government's latest nonfarm payrolls report, pushing the unemployment rate back under 5% and boosting the likelihood of higher interest rates from the Fed. Perhaps more important, wages rose 0.4% to mark a 2.8% climb over the previous twelve months, the strongest increase since 2009.

After initially rising on the data, the dollar fell back to a lose 0.1% against major rivals as worries over the pending election overshadowed the now near-certainty of a December rate hike. Safe-haven Treasury bonds also gained.

Gold's raise came despite tumbling oil, which fell another 1.3% today and nearly 10% this week as prospects dim for an OPEC agreement to cut production. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mixed on the day but higher for the week. Silver dipped 0.2% but gained 3.2% this week. Platinum climbed 1% today and 2.4% this week. Palladium picked up 1.2% for close the week 1.4% higher.

At the Comex close: December gold added $1.20, to $1,304.50; December silver slid 5 cents to $18.37; January platinum rose $10.10 to $1,004.50; and December palladium gained $7.20 to $624.80 an ounce.