US jobs gloom spurs gold rush as price jumps more than 2% to $1.139 an ounce

New York (Oct 3)  Gold and silver miners glittered yesterday after dismal US jobs data sent investors running for cover in precious metals

The dollar fell to a two-week low against the euro as the job data prompted economists to cast fresh doubt on prospects for a US rate hike this year.

David Lamb, head of dealing at foreign exchange group Fexco, said: ‘This hasn’t just undershot expectations, it’s a complete misfire. Such a woefully weak jobs number is likely to push back any rate hike into 2016.’

The FTSE 100 index ended a rollercoaster session 57.51 points ahead at 6129.98 after hitting a high of 6176 before bottoming out at 6051 during the day.

Fresnillo led the market higher, followed by commodity trader Glencore with a 3.98p bounce to 95p. Share registration and pension payment services group Equiniti shrugged off global economic turmoil with plans to raise £390million in a flotation.

Aquarius Platinum hardened 0.29p to 7.1p after securing legal consent to transfer mining rights for its Everest mine in South Africa to Northam Platinum, which is buying the pit for 450million rand (£21.5million).

Source: ThisIsMoney