Gold holds gains after U.S. jobs data

New York (Jan 10)  Gold prices held on to moderate gains on Friday, after data showed continued job creation in the U.S., and were set to end the week on an upbeat note.

Gold for February delivery rose  $5.90  , or 0.5%, to  $1,214.40  U.S. an ounce, while March silver was flat at  $16.39  U.S.

U.S. stocks were lower in early trade, as investors continued to parse the December employment report. The data showed a gain of 252,000 jobs in December and sharp upward revisions for both November and October. The jobless rate fell to 5.6%, the lowest level since  June 2008  .

But some experts say a surprise drop in average wages will keep a lid on the expectations for a rise in interest rates, which should be supportive for gold prices.

Elsewhere in metals trading, palladium for March delivery rose  $2.90  to  $796  U.S. an ounce, while April platinum fell  70 cents  to  $1,221  U.S. an ounce. High-grade copper for March delivery fell a penny to  $2.77  U.S. a pound.

Source: Baystreet.News.ca