Precious Metals Rally in Response to U.S. Payrolls Report and Unemployment Rate

GOLD

It was reported this morning that U.S. Payrolls grew 223,000 jobs in December. That’s a slower pace than November’s 256,000 gain, but still beating the Dow Jones estimate of 200,000. The unemployment rate dropped to 3.5%, 0.2 percentage points below expectations. This news helped most financial markets and precious metals rally. At 11am PT today, Gold is trading near its high, of $1,868 per ounce, up $41 on excellent volume.

SILVER

With today’s strength in the Gold price, Silver is attempting to break back above the key $24 per ounce level. This week Silver has under-performed Gold and has lost its precious metal leadership role. At 11am PT today, Silver is trading at $23.88 per ounce, up $0.38 on average volume.