Gold price logs 13-month closing high as jobs report fails to deflate metal's rally
New York (Mar 4) Gold jumped on Friday, trading around a more than one-year high Friday after February jobs data offered a picture of the labor market that was healthy but not strong enough to shift expectations of the Federal Reserve's monetary policy. April gold GCJ6, +0.15% settled up $12.50, or 1%, at $1,270.70 an ounce. The metal registered a weekly advance of about 4%, its first weekly gain in three weeks. The nonfarm-payrolls report isn't expected to spur the central bank to lift rates at its meeting in March, which is bullish for gold. Lower rates benefit the commodity that doesn't offer a yield.
At Friday closing spot gold was off $3 on the day at $1259 as spot silver rose 27 cents to $15.51. Spot platinum leaped $29 to $980, while palladium surged $17 to $555.