Gold snaps a seven-day losing streak
Precious metals ended higher on the last trading day of the week on Friday. Gold snapped a seven-day losing streak on Friday, 07 November 2014 after data showed the U.S. economy created fewer jobs than expected in November.
Gold for December delivery climbed $27.20, or 2.4%, to settle at $1,169.80 an ounce. But the precious metal still closed out the week 1.5% lower.
December silver gained 30 cents to $15.71 an ounce.
The Labor Department said on Friday that the U.S. generated a weaker-than-expected 214,000 new jobs in October, while the unemployment rate unexpectedly slipped to 5.8% from 5.9%. It was the ninth straight month that the economy has added 200,000 jobs or more, a streak last accomplished in 1994.
A day earlier, gold settled at its lowest level since April 2010, dented by the prospects of a strengthening dollar and a lack of demand overseas. The fact that equities have knocked out new highs has kept investors from heading back into the supposed haven of gold.
Furthermore, the data did not stoke up fears of the Fed being in a rush to hike the fed funds rate. To that point, the 10-yr note rallied, sending its yield lower by eight basis points to 2.30% while the Dollar Index took a step back from its best level since mid-2010. The index narrowed its weekly gain to 0.7%.
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