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1st LD Writethru: Gold up on U.S. jobs report

Xinhua, August 8, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose Friday on the U.S. jobs report.

The most active gold contract for December delivery rose 4 U.S. dollars, or 0.37 percent, to settle at 1,094.10 dollars per ounce.

Gold was given support as a report released by the U.S. Department of Labor showed non-farm payrolls increased by 215,000 in July as analysts note upward revisions to June and May added 14, 000 additional jobs. The report shows the unemployment rate unchanged at 5.3 percent.

Analysts believe this report was good enough to allow the Fed to continue considering raising the U.S. interest rate in September. An increase in the Fed's interest rate drives investors away from gold and towards assets with a return, as the precious metal bears no interest. There has not been a rise in the Fed's interest rate since June 2006, before the beginning of the American financial crisis.

Silver for September delivery added 14.4 cents, or 0.98 percent, to close at 14.821 dollars per ounce. Platinum for October delivery added 6.2 dollars, or 0.65 percent, to close at 962.20 dollars per ounce. Enditem