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Gold Futures Settle Notably Higher As Dollar Retreats

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Gold Futures Settle Notably Higher As Dollar Retreats

Gold prices moved higher on Friday amid rising optimism about U.S. stimulus and on data showing a smaller-than-expected increase in non-farm payrolls last month.

The dollar’s weakness contributed significantly to the bullion’s rise. The dollar index dropped to 91.00, sliding nearly 0.6% from previous close.

Gold futures for April ended up $21.80 or about 1.2% at $1,813.00 an ounce. Gold futures shed 2% in the week.

Silver futures for March closed higher by $0.785 or about 3% at $27.019 an ounce. Silver futures gained 0.4% in the week.

Copper futures for March settled at $3.6260 per pound, gaining $0.0730.

Data released by the Labor Department showed a modest rebound in employment in the month of January. The report said non-farm payroll employment edged up by 49,000 jobs in January after plunging by a revised 227,000 jobs in December.

Economists had expected employment to rise by about 50,000 jobs following the loss of 140,000 jobs originally reported for the previous month.

The Labor Department also said the unemployment rate slid to 6.3% in January from 6.7% in December. The unemployment rate was expected to come in unchanged.

The material has been provided by InstaForex Company – www.instaforex.com