News Column

Gold dips amid jobs data

June 6, 2014

Gold futures fell back below $1,250 U.S. an ounce on Friday, but remained on track for a slight gain on the week after a U.S. jobs report that largely met expectations. At last check, gold for August delivery shed $4.20, or 0.3%, to $1,249.10 U.S. an ounce on the Comex division of the New York Mercantile Exchange. Tracking the most-active contracts, prices were up roughly 0.3% for the week. July silver fell 14 cents, or 0.7%, to $18.95 U.S. an ounce, poised for a 1.4% gain on the week. A surge in new U.S. jobs from February to April marked the best three-month stretch in two years, and that stretch appeared to continue with May data that showed a gain of 217,000. Analysts were looking for a 210,000 jump in non-farm payrolls in May. The unemployment rate held steady at 6.3%. Rounding out action on Comex Friday, July platinum rose $3.20, or 0.2%, to $1,448.30 U.S. an ounce, trading around 0.3% lower for the week. September palladium added $6.05, or 0.7%, to $845.50 U.S. an ounce, down 1.1% for the week. High-grade copper for July delivery dropped 5.5 cents, or 1.8%, to $3.04 U.S. a pound, set to lose 2.8% for the week.


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Source: Baystreet Commodities (Canada)