Gold, silver higher as US hiring slows down

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Associated Press

Posted on October 22, 2013 at 1:02 PM

Updated Tuesday, Oct 22 at 5:00 PM

Gold and silver prices rose Tuesday after the U.S. government reported a slowdown in hiring last month, raising expectations that more stimulus from the Federal Reserve will keep the dollar weak and interest rates low.

Gold for December delivery climbed $26.80, or 2 percent, to $1,342.60 an ounce Tuesday. Gold is the highest it's been in a month.

Silver for delivery in the same month increased 51.2 cents, or 2.3 percent, to $22.79 an ounce.

The Labor Department reported that U.S. employers added fewer jobs in September than analysts expected. Investors anticipated that would mean more bond-buying from the Fed, which could keep U.S. interest rates low and weaken the dollar, both bullish for gold.

Other metals also rose. High grade copper for December rose 3.2 cents, 1 percent, to $3.336 a pound. December palladium rose $2.65, or 0.4 percent, to $752.90 an ounce. Platinum for January delivery rose $12.10, or 0.8 percent, to $1,450.70 an ounce.

In agricultural futures, December corn fell 5.75 cents, or 1.3 percent, to $4.38 a bushel. November soybeans fell 1 cent to $13.02 a bushel and December wheat edged up 1 cent to $7.01 a bushel.

Crude oil for November delivery fell $1.42, or 1.4 percent, to $97.80 a barrel in New York on Tuesday.

In other energy trading, wholesale gasoline slipped 4 cents to $2.62 a gallon. Natural gas dropped 9 cents to $3.58 per 1,000 cubic feet. Heating oil fell 1 cent to $3.00 a gallon.

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