Gold Rallies Through $700/oz Level as US Payrolls Fall

Source:

The precious metals surged through 700 usd per ounce within minutes of the data being released, and later set a fresh 16-month high of 704.60 usd.

Gold rallied sharply in afternoon trade, breaking through the 700 usd level for the first time since May 2006, after US payrolls fell for the first time in four years, sparking a drop in the dollar.

The precious metals surged through 700 usd per ounce within minutes of the data being released, and later set a fresh 16-month high of 704.60 usd.

"It was a rather unexpected figure. With it we've gone through that 700 usd figure quite easily so it seems gold is off to the races," said Commerzbank analyst Rory McVeigh.

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