Gold prices edge higher, grains end mixed as stocks jump on hopes for government economic plan

Other precious metals prices also rose. March silver gained 41 cents to $13.16 an ounce, while March copper futures rose 12.85 cents to $1.6285 a pound.

Investors are now hoping the Obama administration and lawmakers will come through on their plans to revive the economy.

On Wall Street, the Dow Jones industrial average rose 218 points, or 2.7 percent, to 8,281. Broader stock indexes also jumped more than 2 percent as investors shook off grim economic news and looked to a potential improvement in the economy.

The Labor Department said Friday the unemployment rate jumped to 7.6 percent in January, the highest level since September 1992. The rate was 7.2 percent in December.

The dollar fell against the euro and the pound after the government report that showed U.S. employers shed 598,000 jobs last month, the most since late 1974.

The yield on the benchmark 10-year Treasury note, which moves opposite to its price, rose to 2.99 percent from 2.92 percent late Thursday.

Light, sweet crude for March delivery fell $1 to settle at $40.17 a barrel on the New York Mercantile Exchange.

In other Nymex trading, gasoline futures fell 2.41 cents to settle at $1.2507 a gallon. Heating oil dropped 0.74 cent to settle at $1.3598 a gallon. Natural gas for March delivery rose 13.2 cents to settle at $4.774 per 1,000 cubic feet.

Grain prices were mixed on the Chicago Board of Trade.

March wheat futures fell 4.75 cents to $5.57 a bushel, while corn for March delivery rose 6 cents to $3.7725 a bushel.

March soybeans rose 21 cents to $10.01 a bushel.