Gold prices were shooting higher Friday after a weaker-than-expected jobs report undermined support for the greenback.
December-delivery gold contracts were ahead by $4.90 at $681.50 an ounce, while benchmark silver contracts were up 18 cents at $13.17 an ounce in recent activity in New York.
streetTracks Gold Shares
exchange-traded fund was adding 0.9%. The
iShares Silver Trust
was up 1.3%.
Meanwhile, the dollar was falling against the yen and euro. One dollar was recently trading for 118.95 yen, down from 119.19 late Thursday. The euro was changing hands for $1.3728, up from $1.37 previously.
Over time the price of dollar-denominated assets, like gold and silver, tend to appreciate as the value of the U.S. currency dwindles.
The ETFs that track the values of currencies were ahead also. The
CurrencyShares Euro Trust
CurrencyShares Japanese Yen Trust
were both rising 0.3% recently.
In the precious metals patch, shares of
were rallying 5% after the company posted better-than-forecast profits for the June quarter. The miner said it earned 8 cents a share, while the consensus among Wall Street analysts was for 5 cents.
As for base metals, copper prices were off 4 cents at $3.54 a pound, likely on fears of a slowing economy unfavorably impacting demand.
Turning to the agricultural complex, coffee futures were up about 1% at $1.17 a pound, and wheat was better by 1% at $6.48 a bushel.