Gold, silver higher as US hiring slows down

AP News
Posted: Oct 22, 2013 1:55 PM

NEW YORK (AP) — Gold and silver prices are higher after the U.S. government reported a slowdown in hiring last month, raising expectations that more stimulus from the Federal Reserve will keep the dollar weak and interest rates low.

Gold for December delivery rose $26.80, or 2 percent, to $1,342.60 an ounce Tuesday. Gold is the highest it's been in a month. Silver for delivery in the same month rose 51.2 cents, or 2.3 percent, to $22.79 an ounce.

The Labor Department reported that U.S. employers added fewer jobs in September than analysts expected. Investors anticipated that would mean more bond-buying from the Fed, which could keep U.S. interest rates low and weaken the dollar, both bullish for gold.

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Other metals also rose.

Energy and crop prices were mixed.