Gold futures settle higher after strong jobs report; copper gains 7.5% on China reopening speculation


Gold futures climbed on Friday, buoyed by weakness in the U.S. dollar following the October non-farm payrolls report. Copper futures, meanwhile, climbed 7.6% to end the session at their highest since August 26. Analysts said speculation that China may ease its COVID restrictions lifted demand expectations for the industrial metal. Gold for December delivery rose $45.70, or 2.8%, to settle at $1,676.60 an ounce on Comex, with most-active contract prices up 1.9% for the week. On Thursday, gold settled at $1,630.90, the lowest finish for a most-active contract since early April 2020, FactSet data show. December copper rose 26 cents, or 7.6%, to settle at $3.6865 a pound, ending the week 7.5% higher.

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