Gold prices crept past the $1,100 mark earlier today for the first time in history, peaking at $1,101.27 and settling around the $1,097 mark (which is still higher than yesterday’s record!)
This rise in gold prices was triggered by reports today from the U.S. Labor Department that the nation’s unemployment rate rose more than expected last month to 10.2%. This was the highest rise in unemployment since April 1983 and was 0.3% higher than economists had originally forecast. High unemployment, coupled with the continued decline of the U.S. Dollar, has fueled Gold’s attractiveness to already concerned U.S. investors.
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