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US gold extends rally above $1,100/oz on jobs data

Fri Nov 6, 2009 10:13am EST

 NEW YORK, Nov 6 (Reuters) - U.S. gold futures jumped to a
record high above $1,100 an ounce Friday morning after
government data showed U.S. employers slashed more jobs than
expected in October and the unemployment rate rose above 10
percent to the highest since April 1983.
 For the latest detailed report, click on [GOL/].
 GOLD
 * COMEX December gold GCZ9 up $7 at $1,096.30 an ounce at
9:59 a.m. EST (1459 GMT).
 * Range from $1,086.50 to record $1,101.90
 * The high eclipsed Wednesday's record at $1,098.50.
 * U.S. employers cut 190,000 jobs in October. Unemployment
rose to 10.2 percent. [ID:nN06178752] and [ID:nN06177960]
 * Gold seen decoupling a bit from outside markets. Market
embracing flight-to-quality phenomenon, with equities and other
commodity markets down on the heels of 10.2 unemployment rate -
Adam Klopfenstein, senior market strategist with Lind-Waldock,
a division of MF Global.
 * Gold underpinned by expectations of renewed central bank
interest after IMF sale of 200 tonnes of gold to India this
week.
 * COMEX estimated volume at 44,207 lots by 9 a.m.
 * Spot gold XAU= was at $1,096.05 an ounce at 9:53 a.m.,
up from $1,088.95 quoted late in the previous session in New
York.
 * London's morning gold fix XAUFIX= at $1,095.
 SILVER
 * December silver SIZ9 up 15.0 cents at $17.560 an ounce
on gold's spike higher.
 * Range from $17.270 to $17.630.
 * COMEX estimated volume at 9,822 lots.
 * Spot silver XAG= was at $17.47, versus $17.36 in the
previous session in New York.
 * London silver fix XAGFIX= at $17.525.
 PLATINUM
 * January platinum PLF0 down 90 cents at $1,362 an ounce.
 * Spot platinum XPT= was at $1,350.50, compared with late
previous session quote of $1,352.50 in New York.
 PALLADIUM
 * December palladium PAZ9 up $2.15 at $334 an ounce.
 * Spot palladium XPD= was at $330.50, versus the prior
session's late quote at $328.
 (Reporting by Frank Tang; Editing by Walter Bagley)








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