Gold down on better-than-expected U.S. jobs report
Gold prices took a dip Friday, hitting a nine-week low in early U.S. trading, after the Bureau of Labor Statistics published stronger-than-expected job numbers.
Gold for April delivery on the Comex division of the New York Mercantile Exchange was last at $1,184.20 per ounce, which is about $12 below where it was before the jobs data was released. Trade has ranged from $1,182.00 to $1,200.00.
The country’s economy expanded by 295,000 jobs in February compared to a revised 239,000 reading in January, as the labour market accelerated, according to the Department of Labor. The unemployment rate fell to 5.5% from 5.7% the previous month.
Economists had expected the report to show a 235,000 increase in payrolls in February and for the unemployment rate to decline 10 basis points to 5.6%.