Gold edges up on soft U.S. unemployment data

Investing.com - Investing.com - Gold prices moved higher on Friday after a disappointing U.S. August jobs report stoked concerns that a still soft labor market may prompt the Federal Reserve to raise interest rates later in 2015 than markets were anticipating

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,267.20 a troy ounce during U.S. trading, up 0.06%, up from a session low of $1,258.10 and off a high of $1,274.30.

The December contract settled down 0.30% at $1,266.50 on Thursday.

Futures were likely to find support at $1,258.10 a troy ounce, the session low, and resistance at $1,279.20, Thursday's high.

The Department of Labor reported earlier that the U.S. economy added 142,000 jobs in August, far less than the expected increase of 225,000. July's figure was revised to a 212,000 increase from a previously estimated rise of 209,000.

The report also showed that the U.S. unemployment rate ticked down to 6.1% last month, from 6.2%, in line with expectations.

The data came a day after payroll processor ADP reported that its nonfarm payrolls report showed that the private sector added 204,000 jobs in August, missing expectations for jobs growth of 220,000 though still above the 200,000 mark.

Still, gold didn't soar on the data, as the August jobs report tends to be subject to hefty revisions.

Federal Reserve Chair Janet Yellen has said that slackness persists in the labor market despite an improving economy, and Friday's data sent investors rethinking timetables as to when interest rates may rise in the U.S., seen by many taking place in 2015.

Meanwhile, silver for December delivery was up 0.16% at $19.168 a troy ounce, while copper futures for December delivery were up 0.53% at $3.168 a pound.

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