Gold Consolidates Near $4,400 as Copper Surges to New Records

Gold has been consolidating gains near $4,400 an ounce after a payroll-driven surge in the early part of this week. The metal's near-flat session masks a more volatile story across the commodity complex.

Copper has shattered records with Comex futures hitting a fresh record at $6.86 per pound, eclipsing the previous high of $5.716 set in May.

The catalyst for gold's recent climb was a US jobs report that showed outright job cuts and revised lower numbers, giving investors a signal that the American economy is losing momentum faster than anticipated.