Gold futures were poised on Friday to suffer from their lowest settlement of the year, with prices feeling pressure from a rally in the U.S. dollar after data showed the U.S. economy added an unexpectedly strong 295,000 jobs in February.
Gold for April delivery on Comex dropped $19.20, or 1.6%, to $1,177 U.S. an ounce on Comex. For the week, prices based on the most-active contracts, were ready to log a 2.8% loss.
May silver lost more than 25 cents, or 1.6%, to $15.91 U.S. an ounce. For the week, it was down 4%.
After the report, the U.S. ICE dollar index jumped after the report, with the data reinforcing expectations the Federal Reserve will move this summer to begin hiking interest rates. A stronger dollar makes commodities that are priced in the currency more expensive to users of other currencies.
Other metals on Comex traded lower as well. April platinum traded at $1,164.20 U.S. an ounce, down $15.90, or 1.4% — trading 1.8% lower on the week, while June palladium fell $5.35, or 0.7%, to $819.70 U.S. an ounce, up a modest 0.1% for the week. May copper declined by 3.2 cents, or 1.2%, to $2.62 U.S. a pound, trading 2.7% lower for the week.
