Gold settles higher following lackluster U.S. jobs data

CHICAGO, Jan. 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange inched higher on Friday in response to a newly released U.S. jobs report.

The most active gold contract for February delivery rose 70 U.S. cents, or 0.05 percent, to close at 1,322.30 dollars per ounce, following a downturn in the early morning session.

Gold futures saw a choppy trading session on Friday. In the wake of U.S. non-farm jobs report, which showed employment climbed by 148,000 jobs in December after spiking by an upwardly revised 252,000 jobs in November, some investors tended to expect a slower Federal Reserve interest rate hike policy for this year.

However, some other observers underlined the wage increases in December, maintaining an upbeat economic outlook.

According to official data, the average hourly earnings for all employees on private non-farm payrolls rose to 26.63 U.S. dollars in December. Over the year, average hourly earnings have risen by 65 cents, or 2.5 percent.

The U.S. Dollar Index, a gauge of the greenback against a basket of other major currencies, edged up 0.10 percent to 91.95 as of 1810 GMT, curbing the rise of gold futures.

Gold and the dollar move in opposite directions. If the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes expensive for investors. Enditem