Gold Regains Ground After Slumping To Two-Week Low | Commodities
(RTTNews) – Following the notable pullback seen over the previous few periods, the price of gold regained some ground during trading on Friday.
Gold for May supply climbed $21.90 or 0.7 % to $3,231.90 an ounce however nonetheless slumped by $51.60 or 1.6 % for the week.
The rebound by the price of the valuable metallic could have mirrored cut price looking after gold hit its lowest ranges in over two weeks on Thursday.
Gold futures might also have benefitted from a lower within the worth of the U.S. greenback, with the U.S. greenback index properly off its lows of the day however nonetheless down by 0.3 %.
The increase by gold got here regardless of the release of a intently watched Labor Department report displaying U.S. job growth far exceeded economist estimates within the month of April.
The Labor Department stated non-farm payroll employment shot up by 177,000 jobs in April in comparison with expectations for an increase of about 130,000 jobs.
At the identical time, the jumps in employment in February and March have been downwardly revised to 102,000 jobs and 185,000 jobs, respectively, reflecting a web downward revision of 58,000 jobs.
The report additionally stated the unemployment price got here in at 4.2 % in April, unchanged from the earlier month and in keeping with economist estimates.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
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