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Gold futures higher on weak US jobs data

IANS  |  Chicago 

Gold futures on the COMEX division of the New York Mercantile Exchange rose for the eighth straight session following a weaker-than-expected US jobs growth.

The most active gold contract for August delivery went up 3.40 US dollars on Friday, or 0.25 per cent, to settle at 1,346.10 dollars per ounce, the Xinhua news agency reported.

The US 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 US Federal Reserve easier to cut key interest rates, said analysts.

As a result, the US dollar index, a gauge of the greenback against a basket of its peers, fell 0.52 per cent 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 per cent to close at 15.031 dollars per ounce. Platinum for July delivery was up 2.40 dollars, or 0.3 per cent, to settle at 806.10 dollars per ounce.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, June 08 2019. 02:38 IST
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