Gold gains on disappointing jobs data

By Staff reporter / September 05, 2021 / www.mining-journal.com / Article Link

Total nonfarm payroll employment rose by 235,000 in August, well below reported expectations of 720,000, dimming the likelihood of stimulus tapering.

Gold has risen to almost US$1,830 an ounce on the spot market.

There were mixed moves among base metals on the London Metal Exchange on Friday.

Nickel rose 1.6%, taking it close to the $20,000 mark at $19,829.25 per tonne.

In Australia, Alumina added 6.68% on Friday after aluminium hit a 10-year high during the week of $2,734.50/t.

The uranium spot price is continuing to strengthen, rising 4% to $38.70 per pound, its highest point since March 2015.

Among the mining majors, Fresnillo led gains in London to finish up 3.5% on Friday, while Glencore gained 1.18%.

In New York, gold major Newmont rose 1.64%.

Both US and Canada markets are closed for Labour Day today.

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