Gold taps record as U.S. joblessness hits 10%

Gold futures finished at a record Friday, after earlier tapping $1,100 an ounce, as news that the U.S. unemployment rate topped 10.2% in October lifted expectations the Federal Reserve will keep interest rates near zero well into next year, pressuring the dollar.

Gold for November delivery rose $6.40, or 0.6%, to end at $1,095.10 an ounce, the highest closing level for a front-month contract.

The more-actively traded December contract gained $6.40, or 0.6%, to $1,095.70. December gold earlier hit a record intraday high of $1,101.90 on the Comex division of the New York Mercantile Exchange.

Industrial metals, such as copper, however, moved lower. Copper fell fractionally with the December contract ending at $2.94 a pound. (more)