Gold futures finish lower after the U.S. jobs data, but hold onto a gain for the week
Gold futures declined on Friday, pressured by a stronger than expected U.S. jobs report, but prices for the metal held onto a modest gain for the week to post their first weekly rise in about a month. Gold was "almost in the clear" as a couple of Federal Reserve doves had markets convinced that policymakers would skip a June rate hike, said Edward Moya, senior market analyst at OANDA. If the jobs data had cooperated, "some traders were making the case that they might even be done," he said. However, the U.S. economy is "too resilient and that should keep the risk of more Fed tightening on the table." Gold for August delivery fell $25.90, or 1.3%, to settle at $1,969.60 an ounce on Comex. Prices based on the most-active contract edged up by 1.3% for the week, according to Dow Jones Market Data.
-Myra P. Saefong
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(END) Dow Jones Newswires
June 02, 2023 14:00 ET (18:00 GMT)
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