Gold Price Back on, Pushes Above $1,400 on Lower Payrolls

Gold prices today broke through the $1,400 barrier as news the jobless rate rose again and employers slowed hiring below even the lowest expectations.

Gold futures for delivery soared to $1,404, gaining $14.70 in response on the Comex in New York. Spot gold has risen to $1406.70, gaining $21.80 as of 12:00 PM EST.

The U.S. dollar fell back to its usual inverse relationship with gold today. With the problems with Europe's sovereign debt it has moved up in value along with the price of gold recently.

The jobless rate moved closed to 10 percent, raising to 9.8 percent, the highest level since April.

News that China has been buying up a lot more gold has also added some support to the price of the metal. They've already acquired five times more gold as of the end of October than they did all of 2009.

Quantitative easing, or inflating the money supply, remains the major impetus behind the rise in gold prices, along with the collapsing U.S. dollar and low interest rates.

Some thing interest rates won't be raised for another four years, including PIMCO's Bill Gross.