RTTNews - Gold fell on Friday amid a broad drop for commodities as an improved U.S. dollar reduced the need for a hedge investment. The metal finished the week lower for the first time in five weeks.
August-stamped gold futures ended at $962.60 per ounce, down $19.70 on the session. Prices dipped as low as $953.80 earlier in the day.
After rising in each of the last four weeks, the metal lost $18.40 from last Friday's close. During a volatile week of trading, gold hit as high as $992.10 on Wednesday.
A better-than-feared jobs report boosted the U.S. dollar against its major rivals as traders bet the worst of the recession is in the past. The buck bounced away from multi-month lows against the euro and sterling and reached its best level in a week against each currency.
The always-closely watched U.S. Labor Department report showed that non-farm payroll employment fell by 345,000 jobs in May following a revised decrease of 504,000 jobs in April. Economists had expected a decrease of about 520,000 jobs compared to the loss of 539,000 jobs originally reported for the previous month.
At the same time, the Labor Department said that the unemployment rate jumped to 9.4 percent in May from 8.9 percent in April.
In other metal trading, silver for July delivery dropped 50.7 cents to $15.388 per ounce and July-dated copper fell 1.7 cents to $2.284 a pound.
After earlier topping the key $70 mark, crude oil finished down 37 cents at $68.44 per barrel.
For comments and feedback: contact email@example.com