{"id":17734,"date":"2023-06-03T14:00:20","date_gmt":"2023-06-03T18:00:20","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-end-lower-after-u-s-jobs-report-cling-to-a-gain-for-the-week\/"},"modified":"2023-06-03T14:00:21","modified_gmt":"2023-06-03T18:00:21","slug":"gold-prices-end-lower-after-u-s-jobs-report-cling-to-a-gain-for-the-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17734","title":{"rendered":"Gold prices end lower after U.S. jobs report, cling to a gain for the week"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002132713\" role=\"document\">\n<p>Gold futures ended lower on Friday as a much stronger-than-expected U.S. May employment report suggested that the Federal Reserve will need to do more to tame inflation. <\/p>\n<p>Prices for the metal, however, held onto a gain of more than 1% for the week on the heels of three consecutive weekly declines. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.27%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.27%<\/bg-quote><br \/>\n       fell $25.90, or 1.3%, to settle at $1,969.60 per ounce on Comex after settling on Thursday at the highest since mid-May. Prices based on the most-active contract posted a weekly rise of 1.3%, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for July delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.22%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-0.22%<\/bg-quote><br \/>\n       declined by 24 cents, or 1%, to $23.75 per ounce, settling 1.7% higher for the week. <\/p>\n<\/li>\n<li>\n      July platinum<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.52%<\/bg-quote><br \/>\n        fell $6.60, or nearly 0.7%, to $1,003.50 per ounce, with prices down 2.4% for the week. Palladium futures for September<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+1.25%<\/bg-quote><br \/>\n       gained $12.80, or 0.9%, to $1,403.50 per ounce, losing 1.4% for the week.<\/p>\n<\/li>\n<li>\n      Copper for July delivery<br \/>\n        HGN24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/213510973\/delayed\" class=\"negative\">-0.01%<\/bg-quote><br \/>\n        gained 2 cents, or 0.4%, to $3.73 per pound, up 1.2% for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cGold bulls\u2019 shoulders slumped\u201d after yet another red-hot headline nonfarm payrolls print that blew past estimates,\u201d Han Tan, chief market analyst at Exinity Group, told MarketWatch. Still, despite the post-jobs data pullback in gold prices, the metal is still set to end a run of three straight weekly losses, he said. <\/p>\n<p>The U.S. added 339,000 new jobs in May, the government reported on Friday. Wall Street had forecast a 190,000 increase in new jobs, based on the government\u2019s survey of business establishments. Employment gains in April and March were also considerably higher than previously reported.<\/p>\n<p>The \u201cnotable rise in May\u2019s unemployment rate along with slowing earnings growth may cloud the outlook surrounding the Fed\u2019s next moves,\u201d said Tan. \u201cThis places a greater burden on the mid-June CPI print in potentially offering a stronger signal about the FOMC\u2019s next decision, which should set gold\u2019s near-term trajectory.\u201d<\/p>\n<p>Prices for gold had climbed \u201cwell north\u201d of $2,000 an ounce in early May, buoyed by safe-haven demand, with concerns surrounding a possible U.S. debt default the primary impetus, said Jeff Klearman, portfolio manager at GraniteShares, which runs the GraniteShares Gold Trust\u00a0<br \/>\n        BAR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208448147\/composite\" class=\"negative\">-1.48%<\/bg-quote><span>.<\/span><br \/>\n       Those concerns, \u201cthough ebbing and flowing, have receded,\u201d moving gold prices off their recent highs.<\/p>\n<p>Recent comments by Fed officials strongly suggesting the Fed will not raise rates in the upcoming June FOMC meeting have pushed Treasury yields and the U.S. dollar lower, allowing gold prices to move noticeably off their recent lows, he said. <\/p>\n<p><strong>Read:<\/strong> Fed\u2019s Harker wants to \u2018skip\u2019 a rate hike in June<\/p>\n<p>The Fed \u201cpause\u201d is significant beyond the fact the Fed funds target rate won\u2019t move higher, at least immediately, but because the \u201cpause\u201d may imply the Fed is\u00a0\u201cuncertain regarding the cumulative effect of its previous 10 rate increases and, maybe more importantly\u2026concerned \u2014 at a minimum \u2014 about tightening credit conditions resulting from the turmoil in the regional banking system,\u201d said Klearman.\u00a0<\/p>\n<p>So despite the strong employment report Friday, \u201cgold prices remain resilient with limited declines,\u201d he said. \u201cThis is likely due to the two underlying concerns mentioned above and perhaps to growing expectations these concerns may lead the Fed to ease later this year.\u201d<\/p>\n<p>Copper futures, meanwhile, posted a second straight session gain to settle at their highest since May 19, but looked to post the biggest quarterly percentage decline since the second quarter of last year. <\/p>\n<p><strong>Read:<\/strong> Dr. Copper\u2019s weak performance suggests more economic woes ahead<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-on-track-for-first-weekly-gain-in-four-as-traders-await-u-s-jobs-report-c3f57a78?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures ended lower on Friday as a much stronger-than-expected U.S. May employment report suggested that the Federal Reserve will need to do more to tame inflation. Prices for the metal, however, held onto a gain of more than 1% for the week on the heels of three consecutive weekly declines. Price action Gold futures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-17734","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices end lower after U.S. jobs report, cling to a gain for the week | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures ended lower on Friday as a much stronger-than-expected U.S. May employment report suggested that the Federal Reserve will need to do more to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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