Spot palladium was down at USD 775.47 an ounce against USD 781.55 previously. Spot platinum slipped to USD 1,729.99 an ounce from USD 1,739.85 on Thursday.
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The dollar dropped against several currencies as the US jobs data strengthened expectations the Federal Reserve will leave interest rates low well into next year, prompting investors to embrace alternate safe-havens.Ī weaker dollar often boosts dollar-denominated assets, such as gold, because of the advantage it provides buyers outside the United States.Īmong other precious metals, silver hit a four-week peak at USD 36.82 an ounce, and remained higher around USD 36.51 against USD 36.41. "You have some safe-haven flows (into gold)," he said. "The market overreacted after yesterday's ADP report showed a strong increase in the private-sector payrolls. "It is the public-sector employment which was the disappointing factor," said Peter Fertig, a metals consultant at Quantitative Commodity Research. Nonfarm payrolls rose by 18,000, the Labor Department said, well below economists' expectations for a 90,000 rise. US gold futures for August delivery rose USD 10.90 to USD 1,541.50, having reached a two-week high at USD 1,546.Įmployers in June added the smallest number of new jobs in nine months, dashing hopes of a pick-up in economic recovery. Spot gold rose to a two-week high of USD 1,545.30 an ounce, and steadied around USD 1,540.75 by 1:21 pm EDT (1721 GMT) against USD 1,531.85 late in New York on Thursday. Gold prices held onto gains of nearly 1% on Friday, achieved after weak US nonfarm payrolls data renewed fears about the health of the world's biggest economy and spurred safe-haven buying.