Gold Futures Jump Most in a Week as U.S Payrolls Trail Forecast
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Gold gained the most in a week after payrolls in the U.S. climbed less than projected, increasing speculation that the Federal Reserve will slow the pace of cuts to economic stimulus. Silver also jumped.
The 74,000 gain in payrolls in December, less than the most pessimistic projection in a Bloomberg survey, followed a revised 241,000 advance the prior month, Labor Department figures showed today. The Fed said Dec. 18 that it will reduce its monthly bond purchases to $75 billion from $85 billion, citing improvements in the labor market.