Gold futures higher on weak U.S. jobs data

0 Comment(s)Print E-mail Xinhua, June 8, 2019
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CHICAGO, June 7 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose for the eighth straight session following a weaker-than-expected U.S. jobs growth.

The most active gold contract for August delivery went up 3.40 U.S. dollars on Friday, or 0.25 percent, to settle at 1,346.10 dollars per ounce.

The U.S. Bureau of Labor Statistics reported that employers added just 75,000 jobs in May, much lower than most economists had predicted.

The latest data indicated concerns about a slowing economy and will make U.S. Federal Reserve easier to cut key interest rates, said analysts.

As a result, the U.S. dollar index, a gauge of the greenback against a basket of its peers, fell 0.52 percent to 96.54 prior to the settlement of gold futures.

When the dollar goes down, gold usually rises, as it becomes less expensive for investors holding other currencies.

As for other precious metals, silver for July delivery was up 12.6 cents, or 0.85 percent to close at 15.031 dollars per ounce. Platinum for July delivery was up 2.40 dollars, or 0.3 percent, to settle at 806.10 dollars per ounce. Enditem

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