Gold prices slipped more than 1% on Friday after a stronger-than-expected U.S. jobs report dampened hopes for imminent Federal Reserve rate cuts this year, while silver soared to its highest level since 2012.
Spot gold fell 1.1% to $3,316.13 an ounce, as of 02:28 p.m. ET (1828 GMT), but rose 0.8% for the week so far.
U.S. gold futures settled 0.8% lower at $3,346.60.
A U.S. Labor Department report showed non-farm payrolls increased 139,000 in May, compared with estimates for a rise of 130,000, according to economists polled by Reuters. The unemployment rate stood at 4.2%, in line with estimates.
On the trade policy front there was little clarity after the highly anticipated call between U.S. President Donald Trump and Chinese leader Xi Jinping on Thursday.
Spot silver fell 0.5% to $35.96, after hitting a more than 13-year high earlier.
Platinum rose 2.5% to $1,158.20, highest since March 2022, while palladium was up 3.9% to $1,045.45. Both the metals were on track for weekly gains.
Source: Reuters
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