Unemployment Rate Remains Unchanged

GOLD

The Labor Department reported today that November Nonfarm payroll increased by 263,000 jobs. Economist had forecasted an increase of 200,000, so this is bullish for a recovery. The unemployment rate remains unchanged at 3.7%. This news initially caused the price of Gold to drop to $1,777, before seeing sizeable fresh buying.

Yesterday’s move above $1,800 was Gold’s first time since August 2022. Gold tested support in overnight trading, but showed excellent demand and rallied back to the $1,790 level. At 11am PT today, Gold is down $5, trading at $1,795 on average volume.

SILVER

Silver showed better demand and price support in overnight trading, reaching a high of $23.32 before reacting to the Jobs report. Silver has spent most of today’s trading above the important $23 per ounce level. At 11am PT today, Silver is trading at $23.05 per ounce, up $0.35 on normal volume.