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US Payrolls Leave Gold Winner, Oil Depressed

September 2, 2011 at 21:31 by Vladimir Vyun

Today US nonfarm payrolls showed that US employers weren’t adding jobs in August. The depressing data drove crude oil down, at the same time boosting gold to the highest level in almost four weeks.

Payrolls were unchanged (posted zero change) in August, while forecasters promised an increase by 74,000. That’s the weakest result since September 2010. Unemployment rates stayed at 9.1 percent. Average hourly earnings fell 0.1 percent, compared to the median forecast of 0.2 percent growth.

October futures for crude oil delivery slid as much as $2.65 (3 percent) to $86.28 per barrel in electronic trading on NYMEX before trading at $86.41 as of 13:34. October contract for Brent oil fell $2.28 to $112.01 on ICE. December futures for delivery of gold advanced $47.80 (2.6 percent) to $1,876.90 by 14:31 on COMEX, posting the biggest advance since August 8.

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