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Gold dips to end week at $1,638

Published: 09:47 08 Oct 2011 EDT

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Gold fell sharply at the end of the week as better than expected US employment figures and progress in the European Union’s effort to contain damage from the ongoing debt crisis dampened demand for safe haven assets.

However, gold still posted a weekly gain, closing at US$1,638 per ounce on Friday, US$40 off from weekly highs, but US$12 above last week’s close.

On Friday, the US Labor Department released its closely watched non-farm payrolls figures, showing that the US economy created 103,000 jobs in September, while expectations were for a gain of up to 60,000.

The data was seen as a sign that the job market recovery in the US is picking up speed as the country may not be as close to going into a recession as thought.

The data also showed that the private sector added 137,000 jobs last month, while the unemployment rate held steady at 9.1 percent.

In addition to that, the president of the European Commission Jose Manuel Barroso urged the EU to take coordinated action to recapitalise banks to prevent Europe’s debt woes from triggering a crisis in the banking system.

Silver moved in the same direction as gold this week, rallying from US$29.97/oz a week ago to US$31.27/oz. However, platinum was in decline, falling from US$1,523/oz to US$1,494/oz.

In the FTSE 100, gold producer Randgold Resources (LON:RRS) rose from 6,290 pence to 6,400 pence over the past five days of trading.

Silver miner Fresnillo (LON:FRES) climbed from 1,586 pence to 1,663 pence and platinum producer Lonmin (LON:LMI) improved from 1,051 pence to 1,063 pence.

FTSE 250 gold company African Barrick Gold (LON:ABG) surged from 502.5 pence to 538 pence.

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