Gold futures headed lower on Friday, sinking to their lowest level in nearly three months after a stronger-than-expected jump in May U.S. non-farm payrolls.
Gold for August delivery Friday fell $6.80, or 0.6%, to $1,168.40 U.S. an ounce. If prices settle at a level that low, it would the lowest for a most-active contract since March 19. For the week, prices were down about 1.8%.
July silver also lost 2.8 cents, or 0.2%, to $16.075 U.S. an ounce. Gold traded as low as $1,164.20 U.S. an ounce, trading down about 3.8% for the week.
The Commerce Department said the U.S. economy added 280,000 new jobs in May, the biggest jump since the end of 2014 and well above the consensus forecast of 210,000 produced by a survey of economists. The unemployment rate edged up to 5.5% from 5.4%.
In other metals trade, July platinum fell $4.50, or 0.4%, to $1,095.10 U.S. an ounce, down about 1.4% for the week, while September palladium declined $4.55, or 0.6%, to $750.75 U.S. an ounce, set to lose 3.3% on the week.
July copper added 1.25 cents, or 0.5%, to $2.6995 U.S. a pound, down about 1% for the week.
