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Gold soars for 5th straight day

Boosts TSX despite Canada's rise in unemployment

Last Updated: Friday, November 6, 2009 | 4:40 PM ET

CBC News

Gold futures jumped to another new record Friday, soaring over $1,100 US an ounce.

Bullion for December delivery reached $1,101.90 US before falling back to close at $1095.10, up $6.40, on the New York Mercantile Exchange.

Gold prices rose as the U.S. dollar fell on a negative American employment report.Gold prices rose as the U.S. dollar fell on a negative American employment report. (CBC)

That was its fifth straight day of gains.

The rise came as the U.S. dollar weakened for much of the day after an American jobs report showed employers cut more positions than expected.

Gold's gains allowed the Toronto Stock Exchange — heavily weighted in gold stocks — to reverse earlier losses on similarly negative employment data in Canada. Job losses in this country totalled more than 43,000 in October.

The S&P/TSX composite index closed up 69.7 points to 11,250.4. The gold sub-index rose more than three per cent.

Toronto-based Barrick Gold Corp., the world's largest gold producer, closed up three per cent to $44.83. Goldcorp was up $1.30 to $44.48.

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