Gold, little changed in New York, headed for the fifth straight weekly gain as investors sought a haven from turmoil in financial markets.

U.S. stock futures rose, rebounding from the worst drop in more than two years, after a jobs report today eased some concerns that the economy was falling into a recession. Gold reached a record $1,684.90 an ounce yesterday as anxiety over the global recovery and the sovereign-debt crisis in the U.S. and Europe sent yields on two-year Treasuries to a record low.

“It’s a volatile period for gold,” Adam Klopfenstein, a senior market strategist at MF Global Holdings Ltd. in Chicago, said by phone. “Gold is an inverse barometer for the equities and the economy, but investors are buying gold on breaks because the debt crisis can’t be resolved in one or two days.”

Gold futures for December delivery were gained $2.40, or 0.1 percent, to $1,661.40 at 9:28 a.m. on the Comex. A close at that price would leave the most-active contract up 1.9 percent this week. Earlier, the metal fell as much as 0.9 percent and rose as much as 0.8 percent.

U.S. payrolls rose by 117,000 workers in July, after a 46,000 increase in June that was more than estimated, Labor Department data showed today in Washington. The median estimate in a Bloomberg News survey called for a July gain of 85,000.

Silver futures for September delivery dropped 10.1 cents, or 0.3 percent, to $39.33 an ounce on the Comex.

Palladium futures for September delivery slid $9.25, or 1.2 percent, to $743.70 an ounce on the New York Mercantile Exchange. Platinum futures for October delivery fell $14.10, or 0.8 percent, to $1,715.30 an ounce on the Nymex.

To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Source: http://www.bloomberg.com/news/2011-08-05/gold-heads-for-fifth-weekly-gain-on-demand-for-haven-from-market-turmoil.html