US jobs report affects metals markets

Metals prices were mixed in New York on Friday, with precious metals higher but copper trading lower on the session.

December gold added $5.10 to $709.70 per troy ounce after the dollar declined on reports that there were fewer jobs in the US, the first decline in payrolls in 4 years.

December silver was 23 cents higher to $12.76 per troy ounce, while at last report October platinum had gained $6.10 to $1,295 per troy ounce.

The jobs report out of the US Department of Labor had the opposite effect on copper as many took it as evidence of a slowdown in the US economy that will cut demand for industrial metals.

Copper was 5 cents lower to $3.25 per pound in New York, while it dropped $126.50 to $7,173.50 per tonne on the London Metal Exchange.

LME inventories were steady on the day but they have risen by 32 percent in the past month.