Gold futures are tumbling at the end of the trading week amid a stellar jobs report that beat market expectations. A stronger dollar also sent the yellow metal lower, which will record a tepid weekly loss as investors boost risk appetite.
June gold futures slipped $2.40, or 0.19%, to $1,292.10 per ounce at 12:32 GMT on Friday. Gold prices, which are poised for a
Silver, the sister commodity to gold, is looking to muster up some momentum. May silver futures rose $0.005, or 0.03%, to $15.09 an ounce. The white metal is flat for the week, and it is also down more than 3% so far in 2019.
According to the Bureau of Labor Statistics (BLS), the US economy added 196,000 jobs, beating the median estimate of a gain of 172,000 jobs. This an impressive rebound from the previous month’s disappointing labor report. The unemployment rate was flat at 3.8%.
The US government further reported that the average wage paid to American workers climbed four cents, or 0.1%, to $27.70 per hour. The 12-month rate of hourly wage gains fell from 3.4% in February to 3.2% last month. American workers stayed longer at the office in March as hours worked each week edged up 0.1-hour to 34.5 hours.
The US dollar made gains soon after the
Any slide in precious metals has been kept in check on geopolitical events and concerns about a global economic slowdown. Traditionally, gold has been treated as a
In other metal markets, May copper futures added $0.0025, or 0.09%, to $2.9125 per pound. June platinum futures tacked on $3.70, or 0.41%, to $908.20 an ounce. June palladium plunged $8.80, or 0.66%, to $1,323.50 per ounce.