Strong Jobs Report Forces Gold Price to Two-Month Low

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Gold Prices Going Up

The gold price fell to a two-month low on Friday, after data showed the US economy created more jobs than expected last month, bolstering the case for the Federal Reserve to raise interest rates around the middle of this year.

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Gold for April delivery, the most actively traded contract, was recently down 0.9% at $1,185.70 an ounce on the Comex division of the New York Mercantile Exchange. That is the lowest intraday level for the most active gold contract since Jan. 5.

US employers added 295,000 jobs to payrolls in February and the unemployment rate fell to 5.5%, the Labor Department said Friday. Economists surveyed by The Wall Street Journal had expected payrolls to increase by 240,000.

Japanese silver saw a 1.4% drop on Thursday, March 5, landing at JPY 634.00 ($5.30) per 10 grams and making it the biggest mover of the day. The price of Indian silver rose 0.5% to INR 37,302 ($598.65) per kilogram after a two-day drop. The price of Chinese silver fell 0.4% to CNY 3,510 ($559.52) per kilogram. The price of US silver flattened at $16.21 following two-days of declines.

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The price of Indian gold bullion is back up, rising by 0.5% yesterday to close at INR 26,747 ($429.25) per 10 grams. Chinese gold bullion closed 0.3% lower at CNY 243.64 ($38.84) per gram. At $1,200 per ounce, US gold bullion fell 0.3% yesterday. The price of Japanese gold bullion declined 0.2% to JPY 4,641 ($38.79) per gram.

US platinum bar finished the day down 0.2% to $1,180 per ounce. After a 0.2% increase, Japanese platinum bar finished the day at JPY 4,574 ($38.23) per gram. At CNY 257.00 ($40.97) per gram, the price of Chinese platinum bar was essentially unchanged.

US palladium bar ended the day at $824.00 per ounce, after the 0.2% drop yesterday. The price of Japanese palladium bar steadied at JPY 3,202 ($26.76) per gram following two-days of increases. The price of Chinese palladium bar flattened at CNY 186.00 ($29.65) after two days of improvement.

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