Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Friday to above $940 an ounce as investors sought safety in the metal after data showed the U.S. February unemployment rate soared to the highest level in more than 25 years. Gold for April delivery rose $15.10, or 1.6%, to $942.90 an ounce on the Comex division of the New York Mercantile Exchange.

U.S. nonfarm payrolls shrank by 651,000 in February, the Labor Department reported Friday. The unemployment rate soared to 8.1%, the highest level since December 1983. Economists had expected job losses of 650,000 and an unemployment rate of 8%. Over the past four months, the U.S. economy has lost more than 2.5 million jobs. The bad economic data triggered "renewed safe-haven demand into precious metals," wrote James Moore, a precious metals analyst at TheBullionDesk.com. "However with cash liquidity still tight and given the volatile moves in equities, further gains could be limited." See full story.