Gold futures rose, rebounding from the biggest drop since July, as the dollar’s slumped boosted the appeal of the precious metal as an alternative asset.

The greenback fell to the lowest level against the yen since 1995 after a report showed the U.S. lost more jobs in September than economists estimated. Before today, gold climbed 22 percent this year, reaching a record $1,366 an ounce yesterday.

“The uptrend in gold continues because the dollar just continues to lose ground,” said Matthew Zeman, a metal trader at LaSalle Futures Group in Chicago. “There’s more downside in the dollar. The jobs number just reinforces the fact that we’ll see more quantitative easing.”

Gold futures for December delivery rose $10.80, or 0.8 percent, to $1,345.80 at 10:45 a.m. on the Comex in New York. The price dropped 0.9 percent yesterday, the most since July 27.

Earlier, futures fell as much as 0.7 percent, mirroring swings in the dollar.

U.S. employers cut staffing by 95,000 workers after a revised 57,000 decrease in August, the Labor Department said today. The median estimate of economists surveyed by Bloomberg News was a drop of 5,000. The unemployment rate held at 9.6 percent.

The Fed has kept the benchmark lending rate at zero percent to 0.25 percent since December 2008 and purchased Treasuries and mortgage-backed securities to help revive the economy. Gold is headed for the 10th straight annual gain.

Gold may “exhibit a retrenchment in the near term,” and fall to $1,300, said Tom Pawlicki, an analyst at MF Global Holdings Inc. in Chicago.

The 14-day relative-strength index, a gauge of price momentum, has been above 70 since Sept. 22, a signal that prices may decline. Gold reached a record in 14 sessions since Sept. 14.

Silver futures for December delivery rose 50.6 cents, or 2.2 percent, to $23.09 an ounce. Yesterday, the price reached $23.53, the highest level for a most-active contract since September 1980.

Platinum futures for January delivery gained $3.20, or 0.2 percent, to $1,708.20 an ounce on the New York Mercantile Exchange.

Palladium futures for December delivery rose $5.10, or 0.9 percent, to $592.20 an ounce. Yesterday, the metal reached $606.25, the highest level since June 2001.