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Sleepy Gold Market Is Woken Up by Flurry of Trades

  • Volume spike fails to hold bullion lower as prices head higher
  • Report shows company payrolls rising most in 9 months in U.S.
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Photographer: Waldo Swiegers/Bloomberg

On a day when blizzard warnings blanketed the U.S. east coast, gold trading in New York got off to a stormy start.

In the 15 minutes ended 8:30, gold-futures volume spiked on the Comex in New York, with contracts equal to more than 2.8 million ounces of the metal changing hands. That’s almost eight-fold the 100-day average volume for that time of day, according to data compiled by Bloomberg.