Gold Prices Extend Rally Despite Strong Jobs Data

(RTTNews) - Gold prices moved sharply higher during trading on Friday, extending the substantial move to the upside seen in the previous session.

After jumping $29.60 or 1.7 percent to $1,793.50 an ounce on Thursday, gold for December delivery surged $23.30 or 1.3 percent to $1,816.80 an ounce.

The continued increase by the price of gold came despite the released of upbeat jobs data, as the strong job growth is still not expected to convince the Federal Reserve to hurry to raise interest rates.

The Labor Department said non-farm payroll employment surged up by 531,000 jobs in October after climbing by an upwardly revised 312,000 jobs in September.

Economists had expected employment to jump by 425,000 jobs compared to the addition of 194,000 jobs originally reported for the previous month.

With employment increasing by more than expected, the unemployment rate fell to 4.6 percent in October from 4.8 percent in September, hitting its lowest level since March of 2020. The unemployment rate was expected to edge down to 4.7 percent.

The Labor Department described the job growth as widespread, with notable job gains in leisure and hospitality, professional and business services, manufacturing, and transportation and warehousing.