Gold futures rallied Friday as weak U.S. employment data for June sent investors scurrying for an alternative to stocks and other risky assets, lifting gold prices by as much as $15 U.S. an ounce.
Gold futures for August delivery climbed $12.40, or 0.8%, to $1.543 U.S. an ounce. Earlier, the metal touched a high of $1,546 U.S. Prices, which haven’t traded at levels this high since June 22, are poised to end the week about 4% higher.
The U.S. Labor Department said Friday that nonfarm payrolls rose by only 18,000 in June, well below the 125,000 gain expected by economists. Job gains in May were revised down to 25,000.
Other metals futures failed to find support Friday, but were ready to end the week higher, with silver in the lead.
September silver was down 4.6 cents at $36.49 U.S. an ounce. The contract, however, was still trading about 8% higher week to date.
September copper traded at $4.39 U.S. a pound, down 5.4 cents. September palladium lost $11.15 to $775.40 U.S. an ounce and October platinum was down $4.80 at $1,738.20 U.S. an ounce.
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