Gold Price Ends Week Down 3.3%

New York (May 5)  Gold futures nudged lower Friday, extending weekly losses after a strong US jobs report raised the likelihood of an interest rate hike from the Federal Reserve.

The US generated 211,000 new jobs in April, rebounding from a disappointing March. Economists had predicted a 185,000 increase in nonfarm jobs. The unemployment rate dipped to 4.4% from 4.5%, the lowest since 2007.

The Fed is now expected to raise interest rates in June, after standing pat on monetary policy earlier in the week.

June gold fell USD1.70, or 0.1%, to settle at USD1,226.90/oz, the lowest in seven weeks. Gold was down about 3.3% this week, part of a widespread drop in commodities.

Source: AllianceNews