Los Angeles CA, September 1 (Tangible Investments) — by James O’Dell — Precious metals prices extended gains on Friday after a weaker than expected Jobs Report boosts Gold. The yellow metal is up 0.27 percent to $1,324.40 an ounce after gaining $12.70 on Thursday to close at $1,320.80.

Silver is up 0.91 percent to $17.70 an ounce after gaining $0.24 on Thursday to close at $17.54 an ounce. The Gold/Silver ratio fell to 75.30 as Silver outperformed Gold. Platinum is up 0.80 percent to $1.006.00 an ounce. Palladium is up 4.85 percent to $973.00 an ounce.

Gold hit ten month highs on Friday after the Bureau of Labor Statistics reported that just 156k jobs were created in August. The Bureau of Labor Statistics said on Friday that the worse-than-expected jobs report fell far short of the 180k jobs that economists were expecting, and may cast doubt on any further rate hikes this year.

Avery Shenfeld, chief economist at CIBC Capital Markets, says that the Fed needs to see inflation pick up before continuing with its rate hikes. Before the Fed raises rates in December, the Fed will want some “steady upside in the remaining core PCE readings for 2017,” said Shenfeld.

Gold will likely rise further after prices rose by more than 4.0 percent in August, Gold’s biggest monthly gain since January, said Mitsubishi analyst Jonathan Butler.

Technical Uptrend Established

“The technical uptrend is well established, there is continuing uncertainty over North Korea’s nuclear ambitions and an imminent wrangle between Congress and the White House over the debt ceiling that must be solved by late September to avoid technical default,” added Butler.

Meanwhile, negotiations over British Government’s exit from the European Union (EU) failed to secure an accord. Trade lawyer, Shanker Singham says the EU needs a financial settlement from the British Government. The UK is calling it a Divorce Fee.

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