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NEW YORK (TheStreet) -- Spot gold prices perked up against the dollar Friday after the U.S. Department of Labor revealed that the U.S. economy had lost 95,000 nonfarm payrolls in September.

The U.S. dollar index was softer by 0.1% at $77.31.

"The dollar rallied on a Thinking Thursday; does that mean the negativity towards the dollar, the deficits, the upcoming quantitative easing is all swept under the rug?" EverBank World Markets president Chuck Butler asked in a daily newsletter. Of course not, he contended. "A weaker than expected jobs report would be supportive of QE (quantitative easing) and a weak dollar."

In a daily note, Kitco analyst Jon Nadler said Friday's gains following a gloomy jobs report could rub out much of Thursday's price decline. "Fund participation is continuing to define this market -- and that is not a factor to draw comfort from, not at all," he cautioned in the meantime. Meanwhile, Nadler also noted that

AngloGold Ashanti

(AU) - Get AngloGold Ashanti Ltd. Report

is suspected to have purchased almost 100 tonnes of yellow metal over the past 90 days, "thus lending credibility to the school of thought that sees it as a major contributor to the gold price spike that became manifest during the period."

New York spot gold prices were rising by $10.40, or 0.8%, to $1,344 an ounce Friday afternoon.

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New York

spot silver prices

were shooting past gold by 67 cents, or 3%, at $23.17 following the labor department news.

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New York spot platinum prices were adding $9, or 0.5%, at $1,704 an ounce, while its sister metal was advancing. Both metals are used in the manufacturing of auto catalysts, which looks to be heating up as a handful of luxury automakers such as

Mercedes

and

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BMW

report better September unit sales.

New York spot palladium prices were rising by $2, or 0.3%, at $585 an ounce.

"Palladium has been the stand-out performer in the precious metals complex in 2009, as well as this year," Kitco's Nadler said. "In the background, the U.S. dollar was climbing on the index -- last seen at $77.58 -- and crude oil fell 84 cents to $80.83 ahead of the release of the U.S. jobs data. Dow futures were aiming lower just ahead of the numbers from the Labor Department."

On a fundamental note, top palladium producer

Norilsk Nickel

said that Russian state stockpiles of the noble metal may be "finished' in 2011," Nadler said.

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A group of mining stocks and precious metals ETFs were trading in positive territory Friday afternoon. Mining stocks offer another form of exposure to precious metals.

Stillwater Mining Company

(SWC)

was climbing by 5% to $16.59, while

Freeport-McMoRan Copper & Gold

(FCX) - Get Freeport-McMoRan, Inc. Report

was gaining 4.3% to $95.30.

Hecla Mining

(HL) - Get Hecla Mining Company Report

was rising by 3.4% to $6.63.

SPDR Gold Trust ETF

(GLD) - Get SPDR Gold Shares Report

was up 0.6% at $131.15 and

ETFS Physical Palladium Shares

(PALL) - Get Aberdeen Standard Physical Palladium Shares ETF Report

was flat at $58.54.

-- Written by Andrea Tse in New York.

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