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Gold up sharply on weaker U.S. data

Xinhua, May 7, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose sharply on Friday as U.S. employment data showed weakness.

The most active gold contract for June delivery rose 21.7 U.S. dollars, or 1.71 percent, to settle at 1,294.00 dollars per ounce.

For the week, gold futures advanced 0.27 percent. It gained 4.92 percent last week.

Nonfarm payrolls rose by 160,000 during the month of April, the U.S. Labor Department reported on Friday.

Analysts noted that even though the unemployment rate remained unchanged at 5 percent, the labor force participation rate fell by 0.2 percent to 62.8 percent, which was worse-than-expected. The report added extensive pressure to the precious metal as it will likely impact the timing of a Fed rate hike.

According to the CMEGroup's Fedwatch tool, the current implied probability of a hike is at 8 percent at the June 2016 meeting, and 25 percent at the July 2016 meeting.

Silver for July delivery added 20 cents, or 1.15 percent, to close at 17.527 dollars per ounce. Platinum for July delivery rose 21.3 dollars, or 2.00 percent, to close at 1,085.10 dollars per ounce. Endite