Gold would seemingly defy both the general pace of risk appetite and logic Friday after the release of October’s non-farm payrolls. In the past weeks and months, the precious metal has developed a significant, positive correlation to the Dow Jones Industrial Average and other equity benchmarks. However, whereas stocks would initially plunge and eventually stabilize after the market-moving data crossed the wires; spot gold would actually rally to a new record high just above $1,100 an ounce.

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Gold Rallies to a Fresh Record High after a Sharp Jump in US Unemployment