09:40 AM EDT, 11/01/2024 (MT Newswires) -- Gold traded higher early on Friday as the dollar and treasury yields weakened after the United States reported new hiring plunged in October due to hurricanes and strikes.

Gold for December delivery was last seen up US$15.60 to US$2,764.90 per ounce.

The U.S. Bureau of Labor Statistics reported the country added just 12,000 new jobs in October, down from a revised 254,000 new jobs a month earlier and well under expectations for a rise of 110,000 positions, according to Marketwatch. The agency said hiring was hampered by strikes in the manufacturing sector and the impact of hurricanes Helene and Milton on southeastern states.

The unexpectedly weak data is the last major economic release before the Federal Reserve's policy committee releases its next interest-rate decision on Nov.7. The Federal Open Market Committee is widely expected to cut rates by 25 basis points, down from its 50 point cut at its prior meeting, though the weak data may add pressure on the group for a larger cut.

The dollar was lower following the jobs data, with the ICE dollar index last seen down 0.05 points to 103.93.

Treasury yields dropped, with the yield on the U.S. two-year note last seen down 5.4 basis points to 4.135%, while the 10-year note was paying 4.27%, down 2.0 points.