(MENAFN- ProactiveInvestors)
Gold futures on Friday fell more than 3% to settle at their lowest level since mid-January after an encouraging U.S. jobs report provided support for the dollar drawing investors’ attention away from the haven metal.
Gold for April delivery shed 2.2% to settle at US$1234.60 an ounce.
They marked their lowest settlement since January 14. Prices saw a loss of 3.5% for the week.
Data showed the U.S. added 257000 new jobs in January kicking off the year on a strong footing amid evidence that an influx of hiring in the past year may finally be pushing wages higher.
Average hourly earnings recorded the biggest gain in more than six years.
In other metals March silver also lost 2.9% to end at US$16.694 an ounce with prices down around 3% for the week.
Platinum for April delivery shed 2.3% to US$1221.60 an ounce down 1.3% for the week while palladium for March delivery lost 1.8% to US$781.30 an ounce and was up 1.2% for the week.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.