-Gold Pries Slipped more than 1% on Friday after a stronger-that-expected us jobs report damned hopes for Imminent Federal Reserve Rate Cuts This Year, While Silver Sored to Its Highlle Singe 2012.
Spot Gold Fell 1.1% to $ 3,316.13 An Once, as of 02:28 PM Et, but rose 0.8% for the week so far.
Us Gold Futures Settled 0.8% Lower at $ 3,346.60.
A Us Labor Department Report Showed Non-Farm Payrols Increased 139,000 in May, Compared with Estimates for a Rise of 130,000, According to Economists Pollled By Reuters. The unemployment rate study at 4.2%, in line with estimates.
Data came in line with estimates, which is a negative for gold as the data sugges that the fed is going to stay on Hold for a Little Who, Maarex Analyst Edward Meir Said.
Fed Policymakers are Seen as Waiting Until September to cut rates, with just one more cut in view by December, based on trading in short-term interes Bets that would pay off if the US Central Bank delivered a third rate cut by the end of the year.
Gold is Considered a Hedge Against Inflation and Geopolitical Uncertain. But Higher Rates Reduce the appeal of bullion as it yields no interest.
On the trade policy front there was little cleaity after the highly anticipated call between us President Donald Trump and Chinese Leader Xi Jinping on Thursday.
“These are very different negotiation and they’re not going to be solved just on the phone. If the tariff headlines is alive negative, that’s bullish for gold,” Meir Added.
SPOT SILVER Fell 0.5% to $ 35.96, after Hitting a more than 13-year high earrlier.
Gains in Silver “Look like was driven by speech flows
Platinum rose 2.5% to $ 1,158.20, Highest Since March 2022, While Palladium was up 3.9% to $ 1,045.45. Both the metals were on track for weekly gains.
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