Gold Rises Ahead of US Jobs Data

Oct. 04, 2012 03:27PM PST

Reuters reported that gold prices rallied to their highest so far in 2012 on Thursday on the up-coming US jobs data, and the ECB’s intent to keep borrowing costs low. Gold prices are setting their sights on the $1,800 mark.

As quoted in the market news:

Spot gold rose 0.7 percent to $1,789.70 an ounce by 2:21 p.m. EDT (1821 GMT), having earlier hit a high of $1,794.90, the loftiest level since mid-November 2011.

U.S. COMEX December gold futures settled up $16.70 at $1,796.50 an ounce, with trading volume largely in line with its 30-day average, preliminary Reuters data showed.

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