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Market: NYSE
Sector: Gold Mining
EPIC: GLD
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Gold
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Gold is a chemical element with the symbol Au and the currency code is XAU. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.

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Crude oil down despite encouraging U.S. jobs data

3rd Sep 2010, 8:02 pm
Crude oil down despite encouraging U.S. jobs data

Better-than-expected news on U.S. jobs was not sufficient to hike up crude oil futures on Friday, as crude oil for October delivery lost $0.42 to $74.60 a barrel on the New York Mercantile Exchange as of 2:38pm ET on Friday, after trading higher earlier in the day on the back of the positive news.

A Labour Department report showed earlier on Friday that the U.S. economy lost 54,000 nonfarm jobs in August, beating analyst expectations by roughly half.

The unemployment rate went up slightly to 9.6% in August from 9.5% the previous two months. Private-sector payrolls increased by 67,000 in August, while analysts were expecting a rise of 30,000, according to the Wall Street Journal.

Gold futures also declined. Gold for December delivery went down $3.90 to $1,249.50 an ounce.

Silver and copper were trading higher on Friday, however. Silver for December delivery added 26 cents to $19.93 an ounce, while copper edged up as well, trading at $3.505 for December delivery on the Comex division of the New York Mercantile Exchange around 2:50pm ET.

The U.S. Dollar Index, an index that compares the U.S. currency against a basket of six others, was down 0.45% to $82.09.

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