Gold jumps above US$1200

Gold has seen a return to form as the metal rose 1.5% to settle at US$1216.70 per ounce.

Gold has seen a return to form as the metal rose 1.5% to settle at US$1216.70 per ounce.

A weaker than expected US unemployment data trigged a rush to the metal as an economic refuge.

This comes after the US Federal Reserve stated that economic recovery has slowed in recent months and that the pace of economic recovery is likely to be more modest in the near term than had been anticipated.

The Reserve downgraded its outlook on the economy and would use cash from mortgage bonds to buy down more Government debt.

On top of this, fellow precious metal Silver also rose, gaining a single percent to settle at just over US$18 per ounce.

Copper also showed a recovery after rocketing back after a two week low however market analysts expected it to sink back to previous lows of $US3.23 per pound on the COMEX.

Across the Atlantic, Copper also saw a rise on the LME, fixing in at $7,260 per tonne.

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