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Monday, September 05, 2011

Bullions shine



Gold and silver rise following weak job data

Precious metals shot up on Friday, 02 September, 2011 at Comex. Prices shone following big sell-off at Wall Street following a disappointing job report for the month of August from the Labor Department.

Gold for December delivery rose $47.8 or 2.6%, to end at $1,876.9 an ounce on the Comex division of the New York Mercantile Exchange on Friday. On the week, gold rallied 10%. It rose by $201 or 12% during the month of August.



On Friday, silver prices for December delivery rose $1.54 (3.7%) to end at $43.07. For the week, silver gained 5.2%. For the month of August, silver gained 4.1%.

Latest data showed that the U.S. economy did not add any jobs in August. It was the weakest performance for nonfarm payroll since September 2010. According to official data from the Labor Department, no nonfarm payroll additions were made during August. That contrasted with the consensus call for an increase of 70,000. Even nonfarm private payrolls increased by a mere 17,000.

U.S. stocks on Friday dropped for a second day, prompting investors to worry whether the country can overcome this current situation.