Strong gains for bullions

Gold registers its first weekly gain in seven weeks

Bullion prices rallied on Friday, 04 December 2015 at Comex. Gold futures rallied on Friday to tally their first weekly gain in seven weeks, as monthly data on U.S. employment showed strong growth, but didn't provide any real surprises.

Gold for February delivery on Comex jumped $22.90, or 2.2%, to settle at $1,084.10 an ounce, off the session's high of $1,088.30. That was the largest percentage and dollar gain since 20 August 2015. Prices haven't seen a settlement this high since Nov. 11, based on the most-active contracts. The gold contract climbed about 2.6%.

March silver rallied by 45.1 cents, or 3.2%, to end at $14.528 an ounce for a weekly climb of 3.4%.

The latest job report showed that U.S. companies and government agencies added 211,000 jobs last month, topping forecasts for a nonfarm payrolls rise of 200,000. The unemployment rate remained at 5%; also, September and October payroll numbers were revised higher. The ECB on Thursday unveiled additional economic stimulus measures, but they were less intensive than the market expected.

The greenback rallied on the back of the jobs data gaining 0.8% on Friday but that didn't have much of an impact on gold. The data all but guaranteed that the Fed will raise interest rates later this month.

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