Gold tops $1,100 on weak US jobs data
NEW YORK/LONDON, Nov. 8 (Reuters) - Gold surged to a record high above $1,100 an ounce on Friday as investors sought safety after data showed the US unemployment rate unexpectedly jumped to 10.2 percent in October.
While doubts about an economic recovery boosted gold, other precious metals with an industrial component fell, their demand outlook dented.
''Gold rallied early on the unemployment numbers being higher than expected. It fueled thoughts of additional stimulus and reinforced the concept that the Fed will not be able to raise rates any time soon,'' said Frank McGhee, head precious metals trader at Integrated Brokerage Services in Chicago.
US employers cut 190,000 jobs in October, greater than the 175,000 fewer jobs forecast, and the unemployment rate rose to 10.2 percent, a 26-1/2-year high that was above average forecasts of a 9.9 percent rate.


