Gold Futures Explode After Jobs Number

August Gold futures are trading higher by $30.50 at $1243.10 in Friday's session. The contract had been in a narrow $22 trading over the last four sessions from $1201.50 to $1222.90, with most of the trading action taking place just above and below the $1215 area.

Following the weak jobs number, it took off and so far has reached $1246.10. That marks the highest level for the contract since May 24, when it peaked at 1256.

The SPDR Gold Trust (ETF) GLD traded at $118.33, up 2.3 percent. The Market Vectors Gold Miners ETF GDX was up 8 percent at $24.64.

Direxion Shares Exchange Traded Fund Trust NUGT traded at $93.50, up 25 percent. Conversely, Direxion Shares Exchange Traded Fund Trust DUST traded at $12.40, down 25 percent.