Gold, silver and platinum ended the first week of 2011 with price gains as the U.S. dollar lost value following news about December job creation not being as strong as analysts forecast, Bloomberg reports.
February-delivery gold futures increased $5.10, a 0.4 percent rise to $1,376.80 per troy ounce at 11 a.m. in New York. March-delivery silver futures rose more than 13 cents, a 0.5 percent gain to $29.26 per troy ounce. April-delivery platinum futures gained $10.30, a 0.6 percent increase to $1,745.40 per troy ounce.
"The data isn't strong enough to create inflation nor weak enough to throw us back into a recession," Adam Klopfenstein, senior market strategist at Lind-Waldock in Chicago, told Bloomberg. "You have to play both sides of gold now."
The value of the dollar moved 0.1 percent downward. The unemployment rate dropped to its lowest notch since May 2009 as employers created 103,000 jobs rather than the 150,000 forecast.
"The jobs number was disappointing for the dollar and helped gold climb back," Matt Zeman, a metals trader at LaSalle Futures Group in Chicago, told Bloomberg.
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