Money Matters - Simplified

Gold catches updraft, tops $1,400

New York -- Gold prices jumped in New York Friday topping $1,400 per troy ounce as equities looked weak most of the day and gold appeared a little safer.

The Dow Jones industrial average made late gains to tack on 16.92 points or 0.15 percent to 11,379.09, extending a streak of wins to a third day.
But closing higher seemed unlikely most of the day as a strong, two-day rally was derailed early by a Labor Department report that said the economy added only 39,000 jobs in November, far less than anticipated.

On the Comex division of the New York Mercantile Exchange gold added $20.80 to $1,410.10. Crude oil prices for January delivery added $1.44 to $89.19 per barrel.

The U.S. dollar fell broadly, losing ground against everything except the Russian ruble and the Mexican peso. The dollar index dropped sharply, down 1.15 percent.

The euro rose to $1.3411 from Thursday's $1.3224. Against the yen, the dollar fell to 82.74 yen from Wednesday's 83.89 yen.

The Australia dollar rose to $0.9923 from $0.9759. Against the Hong Kong dollar, the U.S. standard fell to 7.7621 HKD from 7.7653 HKD.

The dollar fell to 1,136.50 South Korean won from 1,149.95 won. Against the Canadian dollar, the greenback fell to 1.0026 from 1.0039.

Copyright 2010 United Press International, Inc. (UPI).

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