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.
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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