(RTTNews) - Gold reached a new record above $1,100 on Friday morning after data showed the unemployment rate jumped above 10% for the first time in more than a quarter-century.

December gold rose to $1,099.70, up $10.40 on the session. Prices hit $1,101.90 in mid-morning trading.

The Labor Department report showed that non-farm payroll employment fell by 190,000 jobs in October following a revised decrease of 219,000 jobs in September. Economists had expected a decrease of about 175,000 jobs compared to the loss of 263,000 jobs originally reported for the previous month.

With the continued drop in jobs, the unemployment rate jumped to 10.2 percent in October from an unrevised 9.8 percent in September. The unemployment rate had been expected to show a more modest increase to 9.9 percent.

Also on the economic front, the Commerce Department's wholesale inventories report is due to be released at 10 a.m. ET. Inventories at the end of September are expected to have declined by 1 percent.

The Federal Reserve's consumer credit report for September may also garner some attention as the market looks to see if there has been a slowdown in the decline in outstanding consumer credit. Economists expect consumer credit to shrink by $10 billion. The report is due to be released at 3 p.m. ET.

The dollar remained near its overnight levels against the euro after an early surge. The greenback also returned early gains versus the pound.

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