Gold Leaps over 2% while silver smashes through $43 per ounce on the back of poor non-farm data from the US and poor manufacturing data
Author: Ben TraynorPosted: Friday , 02 Sep 2011
LONDON (BULLIONVAULT) -
U.S. DOLLAR gold prices rose more than 2% following the start of trade in London on Friday, breaching $1878 per ounce following the publication of weak US jobs data
Nonfarm payroll data published at 8.30am New York time showed the US economy added no jobs in August - the worst result since September 2010 showed a slight decline.
Silver prices meantime smashed through $43 per ounce - a near 4% weekly gain as we head towards the weekend.
European stock markets slid throughout the morning - with the falls accelerating following the nonfarms announcement. The FTSE 100 dropped 0.7% in less than five minutes, while the German DAX dropped 1.1% over the same five minutes.
"Investors are coming to grips with the magnitude of how severely the US economy and global economy have and will slow," said Adam Cole, global head of foreign exchange at RBC Capital Markets, speaking before the jobs data were announced.
"Most of the problems in the US have a root in the lack of sustainable employment growth.".............
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