The good news for the president was that with the shrinking labor market, the unemployment rate ticked down to 8.1% from 8.3% in July. But it will become more of a political talking point than a referendum for a turnaround.

One analyst pointed out that Friday's jobs number revealed what Bernanke meant when he said last week that there was a grave jobs concern.

"The dip to 8.1% unemployment will come nowhere near countervailing the non-farm payrolls lack of growth and, after all, his mandate is to grow the job garden," wrote Jon Nadler, a senior analyst at Kitco metals.

The euro was posting a solid gain on Friday as it rose $1.2759, up from the previous evening's $1.2631.

With possible easing in the United States and crisis in Europe, it appears gold may not have reached a peak, but another analyst suggests the eurozone, not the Fed, would be the big catalyst for gold.

"While the rising expectation of another round of QE3 is the most likely catalyst for the next leg of the gold bull market, the lower probability, but high impact risk of a full-blown Euro crisis could also be a catalyst for the gold price to break higher," Tim Harvey, senior vice president at ETF Securities U.S., wrote in a Friday note.

Gold mining stocks were surging higher Friday. Goldcorp ( GG) was gaining 2.3%, while Eldorado Gold ( EGO) was rising about 3.1%.

Among other mining stocks, Barrick Gold ( ABX) was up 2.2%, while Yamana Gold ( AUY) was adding 2.5%. Kinross Gold ( KGC) was up 5%.

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