Gold hangs on to gains

Gold hangs on to gains
June 4, 2011 - 7:20AM

15 Reasons to buy Gold

Wealthdaily.com/Gold_Report

Gold, two steps ahead: how the rich keep getting richer. New gold rpt

Gold held onto modest gains on Friday after jumping to a two-day high when the US dollar tumbled after a soft monthly labour report showed the US economy created far fewer jobs than expected in May.

Spot gold rose to a two-day peak of $US1546.39 a troy ounce, then pulled back to $US1541.44 in late US trade, still up from $US1532.55 an ounce late in New York on Thursday.

Gold hit a record high of $US1575.79 on May 2.

Gold priced in sterling hit a record high of 946.79 pounds ($US1548) an ounce, as a weaker dollar across a basket of currencies triggered a rush for the precious metal.

The euro's gains accelerated against the US dollar, taking out a resistance level that could result in further gains for the euro zone single currency. Investors bet against the greenback after a bleak US payrolls report added to evidence of a marked slowdown in the economic recovery.

US employers hired far fewer workers than expected in May and the unemployment rate rose to 9.1 per cent. Nonfarm payrolls rose 54,000 last month, the weakest reading since September, and the jobless rate went up as high energy prices and the effects of Japan's earthquake bogged down economic growth.


Read more: http://www.watoday.com.au/business/markets/gold-hangs-on-to-gains-20110604-1flt3.html#ixzz1OGRc0BQ6

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