Silver as an investment

Gold Tests ‘Game Changing’ Trend Line Again After Weak US Jobs Data

financialsense.com / ADRIAN ASH / 06/02/2017

Gold prices jumped to 5-week highs against a weakening Dollar on Friday, rising to meet the metal’s 6-year downtrend – starting from the all-time peak of September 2011 – after new US data said the world’s largest economy added fewer jobs than expected in May.

Instead of expanded by 185,000 as analysts forecast, non-farm payrolls expanded by 138,000 according to the Bureau of Labor Statistics, which also revised both March and April’s NFP figures sharply lower.

Read Gold Is Unloved…and That’s a Good Thing for Metals Investors, Says Kathy Derbes

Average earnings also grew less quickly than analysts predicted in May, while the unemployment rate only fell because the number of working-age people in or seeking work slipped from April’s near a 3-year high.

The US trade deficit widened in April to $47.6 billion, separate figures showed.

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