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An unexpected monthly rise in U.S. jobs and a drop in US unemployment drove stock markets higher, pushing the prices for haven metal to their lowest finish in two months. Gold futures fell on Friday, to post a loss of nearly 4% for the week.
The Bureau of Labor Statistics reported Friday that 2.5 million jobs were regained in May and the unemployment rate fell to 13.3%.
Economists surveyed by MarketWatch had forecast a loss of 7.25 million jobs. Unemployment is expected to rise from a post World War Two record of 14.7% in April, though states have allowed businesses to reopen as the coronavirus pandemic recedes.
Naeem Aslam, the chief market analyst at AvaTrade, said in emailed comments that the U.S. unemployment rate surprised everyone because it was well below market expectations.
August gold GCQ20, -0.33% on Comex shed $44.40, or 2.6%, to settle at $1,683 an ounce. The settlement was the lowest since early April, based on the most-active contracts, according to FactSet data.
Meanwhile, July silver SIN20, -0.52% lost 58 cents, or 3.2%, at $17.479 an ounce, with prices ending at their lowest in roughly two weeks.
Gold lost about 3.9% this week, while silver is down 5.5% from last Friday’s settlement.
Looking ahead, George Gero, managing director of RBC Wealth Management, said he expected a “return to basics” next week. The global economy is recovering, more political and economic headlines, such as the U.S. election and relations between China and the US. among other factors are likely to support higher gold prices in the coming weeks,” he said in emailed comments.
Elsewhere on Comex, July copper HGN20, 1.07% tacked on nearly 2.7% to $2.5555 a pound, with most-active prices settling more than 5% higher for the week. July platinum PLN20, -0.44% fell by 4% to $830.40 an ounce, for a weekly loss of over 5%, while September palladium PAU20, -0.33% ended at $1,952.60 an ounce, up almost 1.6% on Friday, paring the week’s loss to around 1%.
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