Gold surges in late trade, before Obama speech

One kilogram gold bars are seen in this picture illustration taken at the Korea Gold Exchange in Seoul August 9, 2011. REUTERS/Jo Yong-Hak

One kilogram gold bars are seen in this picture illustration taken at the Korea Gold Exchange in Seoul August 9, 2011.

Credit: Reuters/Jo Yong-Hak

NEW YORK | Thu Sep 8, 2011 3:32pm EDT

NEW YORK (Reuters) - Gold prices extended their gains late on Thursday ahead of a speech by U.S. President Barack Obama, who was expected to unveil an estimated $300 billion plan to spur job creation.

By 3:20 p.m. EDT (1920 GMT), spot gold was up 2.9 percent at near $1,870 an ounce.

U.S. gold futures for December delivery jumped 3 percent to above $1,871 an ounce in post-settlement trade, after finishing the official session up 2.2 percent at $1,857.50.

(Reporting by Barani Krishnan)
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