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Gold prices slightly higher after U.S. jobs data

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Investing.com -

Investing.com - Gold prices were slightly higher on Monday after Friday's upbeat U.S. jobs report for May indicated that the labor market is continuing to improve.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery was up 0.16% to $1,254.50. Prices have stabilized after falling to a four month low of $1,240.51 early last week.

Gold ended Friday's session almost unchanged after the U.S. nonfarm payrolls report showed that employment returned to its pre-recession peak last month.

The Department of Labor reported Friday that the U.S. economy added 217,000 jobs last month, just under expectations for jobs growth of 218,000, while the unemployment rate remained unchanged at a five-and-a-half year low of 6.3%.

The data underpinned dollar demand and sent U.S. equities to record highs on Friday. Gold, often seen as an investment hedge, tends to have an inverse co-relation with equities and the dollar.

Trading conditions remained light due to the Whit Monday holiday in some parts of Europe, while no major economic reports were scheduled for release.

Elsewhere, in metals trading, silver for July delivery was up 0.46% to $19.078 a troy ounce, while copper for July delivery was down 0.43% to $3.035 a pound.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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