Gold price holding near session high as U.S. economy created 428k jobs in April

LONDON (May 6)  The gold market is holding near session highs seeing some technical buying momentum even as U.S. economy created more jobs than expected in April.

Friday, the Bureau of Labor Statistics said 428,000 jobs were created in April. The data beat expectations economists were forecasting job gains of around 390,000.

At the same time the unemployment rate slightly missed expectations, as it remained unchanged at 3.6%.

The gold market is not seeing much reaction to the stronger-than-expected employment data; However, the precious metal remains below the critical psychological level at $1,900 an ounce. June gold futures last traded at $1,887.20 an ounce, up 0.63% on the day.

Some commodity analysts also note that gold is also not reacting to weaker than expected wage inflation. The report said that wages in April increased 0.3% to $31.85; consensus forecasts were expecting to see a 0.4% rise.

For the year, the report said that wages are up 5.5%.

KITCO