Gold futures were sharply lower Friday, settling at their lowest in two months and losing nearly 4% for the week. A surprise monthly climb in U.S. jobs and a drop in the nation's unemployment rate led to a rally in the stock market, dulling demand for haven gold.
August gold lost $44.40, or 2.6%, to settle at $1,683 an ounce. That was the lowest finish for a most-active contract since April 3. For the week, prices lost 3.9%, according to FactSet data.
Gold futures fell on Friday morning, amid a global rally in stocks that was dulling the appeal for the yellow metal.
August gold on Comex shed $18.70, or 1.1%, at $1,708.70 an ounce, nearly giving up all of its gains from the previous session.
Meanwhile, July silver lost 24 cents, or 1.3%, at $17.830 an ounce, after sinking 0.6% on Thursday.
For the week, gold is down 2.5%, while silver has lost 3.6% over the past five trading sessions.
Source : Marketwatch
U.S. stocks jumped at the open on Friday after a closely watched report showed a surprise drop in the U.S. unemployment rate, lending weight to hopes of a faster economic rebound from a coronavirus-driven slump.
The Dow Jones Industrial Average rose 554.98 points, or 2.11%, at the open to 26,836.80. The S&P 500 opened higher by 51.49 points, or 1.65%, at 3,163.84, while the Nasdaq Composite gained 87.73 points, or 0.91%, to 9,703.54 at the opening bell.
Source : Reuters
Wall Street surged on Friday after a strikingly upbeat May jobs report unexpectedly provided the clearest evidence yet that the U.S. economy is headed for a quicker-than-anticipated recovery.
The Nasdaq breached its all-time closing high reached in February but pared its gains to end the session just below it. All three major U.S. stock indexes advanced two percent or more.
Unofficially, the Dow Jones Industrial Average rose 829.16 points, or 3.15%, to 27,110.98, the S&P 500 gained 81.58...
The euro climbed to a three-month high on Friday and was set for a third straight week of gains after the European Central Bank expanded its stimulus programme.
The euro rose to $1.1380 against a weakening dollar, its highest level since March 10, and was on course for a weekly jump of 2.5% and a ninth straight day of gains.
This would represent the euro's longest series of rises on record since October 2004, while the dollar index is on course for its third consecutive week of losses at...