September 5, 2009
Gold futures on the COMEX Division of the New York Mercantile Exchange took a break on Friday after a two-day rally, hovering below the key level of 1,000 U.S. dollars per ounce as investors were cautious ahead of the long Labor's Day weekend and safe-haven demand for gold decreased upon the jobless data. Silver edged down, but platinum gained.
Gold price for December delivery fell 1 dollar, or 0.1 percent, to finish at 996.70 dollars an ounce.
The U.S. Labor Department reported that job losses last month hit a one-year low as non-farm employers cut 216,000 jobs in August, fewer than the 276,000 lost in July and better than the 225,000 figure analysts had been expecting.
The encouraging jobless data provided some support to the stock market, easing investors' worries on the economy recovery and reducing gold's appeal of safe-haven.
Profit-taking ahead of the long weekend also pressured on gold especially after the yellow metal rallied more than 4 percent over the past two sessions.
Worries about the global economy and the sustainability of stock market gains have pushed the precious metal to a six-month high on Thursday, almost topping 1,000 dollars an ounce for the third time in history.
December silver finished at 16.285 dollars per ounce, down 0.5 cents. October platinum gained 5.30 dollars to 1,259.10 dollars an ounce.