Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.1% to close near $1,275, then pushed up another $3 in electronic trade, after weak jobs data and reports that North Korea is planning a new missile test boosted safe-haven demand. The metal still slipped around 0.8% for the week, pressured by growing expectations that the Fed will raise interest rates in December.

US nonfarm payrolls lost 33,000 jobs in September, marking the first monthly decline since 2010 as the temporary impact from hurricanes Harvey and Irma hit hiring. The unemployment rate fell to 4.2%, however, unaffected by the storms. Average wages rose by 0.5%, but analysts attributed the increase to the loss of low-paying restaurant jobs because of the hurricanes.

The dollar initially rose on the jobs data as traders speculated that the lower unemployment rate would bolster the Fed's case to raise rates. But the buck reversed itself, and gold extended its gains, after reports that North Korea is planning to test a new ICBM that could reach American soil. Further escalation in tension between Pyongyang and Washington is likely to boost gold in coming sessions.

The other precious metals were mixed for the day and week. Silver rose 0.9% today to pull off a weekly gain of 0.7%. Platinum edged down 0.1% but ended the week 0.1% higher. Palladium dropped 1.9% for the day and week.

A the Comex close: December gold gained $1.70 to $1,274.90; December dropped $17.50 to $919 an ounce.