The price of gold rose to its highest level in 6 months due to factors, including disappointing data on US jobs; This accelerated dollar losses and Treasury yields.
And gold achieved gains during the past week amounting to 3.5%, and closed at 1830 dollars an ounce in the spot market. Read also What do you know about gold investments in Turkey? A competent expert answers Locally and externally … Learn about the investments of Moroccan companies in goldIn dustrial gold .. Britain initiates the attack in a global race for rare metals The recovery of the gold market in Kuwait .. Demand for buying despite the high prices
US Labor Department data showed that employers hired fewer than expected over the past month, despite the stimulus packages recently approved by the government.
Philip Streibel, chief market strategist at Blue Line Futures in Chicago, said that after “a completely below-expected figure (for jobs)”, yields will shrink and the dollar will also decline; Which allows gold to rise.
But he added that the metal’s rally may be short-lived. Because jobs data may jump next month.
Non-farm jobs increased only 266,000 jobs last April – after increasing by 770,000 last March – amid difficulties that employers find; Due to labor shortages coinciding with the reopening of the economy.
The rest of the minerals
Palladium fell 0.7% to $ 2,925.15, after hitting an unprecedented peak of $ 3,017.18 earlier in the week.
Silver rose 0.4%, recording $ 27.41 an ounce, with weekly gains of 5.8%, while platinum fell 0.2% to $ 1250.48 an ounce.
The dollar fell to its lowest level in more than two months, Friday, after US jobs data for April came in far below expectations. This dampened hopes that a strong economic recovery would lead to higher interest rates soon.
Against a basket of major currencies, the dollar index reached 90.561 points, down 0.34%, after it had fallen to 90.338 points, the lowest level since February 26, after the release of that data.
“This is just one data report,” said Edward Moya, senior market analyst at OANDA in New York.