Gold Prices Rise to $1,356.50 an Ounce Following Private-Sector Jobs Report

Gold prices increased Oct. 30 after weak private-sector employment data was released, giving investors hope the US Federal Reserve will continue its stimulus program. According to a report from Automatic Data Processing Inc., private employers in the United States added 130,000 jobs in October, fewer than the 145,000 added in September, MarketWatch reported.

The slowing job growth caused gold futures for December delivery to increase $11 to $1,356.50 an ounce on the COMEX, according to MarketWatch.

“The consumer-price report is reinforcing the idea that there’s no impending taper from the Fed,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, told Bloomberg. “Gold’s getting a bit of a lift from that.”