An Increase In U.S. Unemployment Does Affect Gold Price

GOLD

The U.S. Department of Labor reported today that 736,000 people entered the job market in August. That puts the unemployment rate at 3.8%, the highest level in the past 3 ½ years. Expectations were 4% or higher and Gold initially dropped $6 on the news and then rallied back.

At 11am PDT today, Gold is trading at $1,942, up $2 on light volume.

SILVER

Silver followed Gold lower, reaching $24.12 before seeing bargain buying. Silver trading is light ahead of the long holiday weekend.

At 11am PT today, Silver is down $0.19 per ounce, trading at $24.24 on light volume.