Gold jumps as US jobs report jolts investors (AP)

Gold is heading back toward record territory as a bleak U.S. jobs report is adding to fears about the lethargic global economy.

Gold jumped $47.80 Friday, or 2.6 percent, to end at $1,876.90 an ounce. That's just $15 shy of the closing high of $1,891.90 reached Aug. 22.

Investors were jolted by the jobs report. The Labor Department says no jobs were added in the U.S. economy last month and the unemployment rate remained at 9.1 percent.

The report was far weaker than analysts had expected and renewed concerns that the U.S. might be headed for another slowdown or recession.

Europe's debt problems continued to drag on, while China's economy is showing signs of slower growth. All those uncertainties kept demand for gold high.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20110902/ap_on_bi_ge/us_commodities_review

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