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Gold prices jumped early Friday after a closely watched reading of U.S. labor conditions in the U.S. for the month was much weaker than forecast.
June gold
GCM21,
was up $24.20 an ounce, up 1.3%, at $1,839.60 an ounce, coming after the U.S. Labor Department reported that the economy gained 266,000 jobs in April, far fewer than even the most subdued forecast for the month and raising some questions about the strength and pace of the recovery from the COVID pandemic.
Friday’s rise for gold comes after a 1.8% rally added to a 3.9% weekly surge for the precious metal, which has brought the commodity’s price up to around its highest level since early February.
Jim Wyckoff, senior analyst at Kitco.com said that gold should see a “solid rally” on the back of the “much-weaker-than-expected NFP number.”
