(Kitco News) – Gold prices are jumping higher, finding some new bullish momentum as fewer Americans-than-expected found work in November. Friday, the Bureau of Labor Statistics said 210,000 jobs were created in last month, economists were expecting to see job gains of around 535,000.
The gold market was in positive territory ahead o of the report and have pushed higher in initial reaction to the weaker-than-expected employment numbers. February gold futures last traded at $1,775.7 an ounce, up 0.74% on the day.
While the headline employment number was weaker than expected, there was also some negative news for gold investors. The data shows that inflation could have peaked as wages grew less then expected in November, rising 0.3% to $31.03, according to the report. For the year wages are up 4.8%. Economists were expecting to see an increase of 5.0%.
The unemployment rate dropped sharply to 4.2%, down from October’s reading of 4.6%. Economists were expecting to see a fall to 4.5%. However, the drop in the unemployment rate isn’t necessarily good news as the participation rate remains weak rising to 61.8%, up from 61.6% in October.
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