Commodities: Gold hits $1,100 as US data disappoints

LONDON (ShareCast) - The worse than expected employment data out of the US provided some much needed volatility to the proceedings of today and had mixed fortunes for Gold and Oil.

Gold made new all time highs of $1,100 on safe-haven demand, while Oil slipped back below $80 on fears of a demand shortfall, as the jobless figures continue to climb, and the US unemployment rate climbed through the psychologically important 10% level.

Oil slipped back below $78 and looks to be heading towards its lows for the week at $76.50, which is also pretty close to the $76.30 break-out, and Fibonacci level that prompted the move higher to $82.00.