Gold News & Info

Source:Matt Warden, American Gold Exchange

AustinFollowing today's weak jobs growth report, gold gained 0.03% to $1,346.10, extending its winning streak to eight sessions in a row. For the week, gold rose 2.7%, the biggest gain in more than a year. Tepid job growth increased the likelihood the Federal Reserve will cut rates in the months ahead, weakening the dollar and supporting safe haven assets.

The US created just 75,000 new jobs in May, well-below the consensus expectation of 185,000 jobs, according today's Nonfarm Payrolls report. Additionally, March and April payrolls were revised down an additional 75,000 jobs. The job market slowdown is becoming increasingly clearer with the 2019 monthly average now at 164,000 in versus a 2018 monthly average of 223,000 jobs.

With this backdrop, speculation the Fed will cut rates this year increased further, with the CME FedWatch now forecasting a 99% likelihood that rates will drop by the end of December. The dollar fell 0.5% against major rivals to 96.58 on the ICE US Dollar Index, a weekly loss of 1.2% and its lowest level since March. The lower dollar boosts gold and other commodities priced in dollars for global trade by making them less expensive overseas.

The other precious metals were also edged higher, with silver rising 0.6%, platinum up 0.3% and palladium up 0.3%.

At the Comex close: August gold tacked on $3.40 to $1,352.50; July silver rose 11 cents to $15.01; July platinum added $2.50 to $806.20; and September rose $3.40 to $1,352.50 an ounce.