BULLION LATEST – Gold, silver settle back from highs after slight US jobs miss

Apr 4, 2014 - 4:31 PM GMT

By Sean Gibson

London 04/04/2014 – Gold and silver took a modicum of support from US jobs data on Friday afternoon that came in slightly below forecast.

Spot metal spiked to a one week-high of $1,303.35 after the US added 192,000 non-farm jobs in March, below the expected 199,000 before retreating. It was last at $1,296.55/$1,297.35 per ounce, up from Thursday’s close of $1,286.80.

Silver hit a high of $20.23, up almost two percent on the previous close of $19.86, before settling back to $20.05/$20.10 per ounce.

Although the jobs data fell short of predictions, several positive elements capped the rise in bullion prices. The static unemployment rate of 6.7 percent suggests a greater number of people entering the labour market, while the notable 22,000 upward revision of February’s payroll data bolstered the sense of steady progress in the US economy.

Platinum and palladium were trading more or less sideways – platinum was last $3 higher at $1,445/$1,450 per ounce and palladium was down $4 at $784/$790.

(Editing by Mark Shaw)