The price of gold closed modestly higher as the U.S. dollar saw weakness against other majors. Gold for December delivery $734.20, up $2 for the session. Prices reached as high as $744.90.
The dollar saw weakness against other majors on Friday following the release of a disappointing jobs report. Gold usually moves opposite the dollar because of its hedge appeal.
With the rally, gold recovered some of its losses from Thursday's session. The precious metal lost $10.20, adding to a $14.90 drop on Wednesday. Overall, the metal is more than $300 lower than the record $1,033.90 from March 17.
Trading took place Friday as report released by the Department of Labor showed a substantial decrease in October employment. The unemployment rate jumping to its highest level in over 14 years.
The report showed that non-farm payroll employment fell by 240,000 jobs in October following a revised decrease of 284,000 jobs in September. Economists had expected a drop of about 200,000 jobs compared to the decrease of 159,000 jobs originally reported for the previous month.
The Labor Department also said that the unemployment rate jumped to 6.5 percent in October from an unrevised 6.1 percent in the previous month. With the increase, the unemployment rate came in above estimates of 6.3 percent and rose to its highest level since March of 1994.
