Investing.com - Gold prices rose on Friday after weak jobs data out of the U.S. sparked expectations that the Federal Reserve would consider stimulating the economy at the expense of the dollar's strength via monetary easing, which sent the dollar, gold's traditional hedge, falling.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.03% at USD1,632.15 a troy ounce in thin holiday trading.
Gold futures were likely to test support at USD1613.55 a troy ounce, Wednesday's low, and resistance at USD1,682.65, Tuesday's high.
In the U.S., the Bureau of Labor Statistics reported the economy added a net 120,000 nonfarm payrolls in March, well below the range of most market expectations.
The government revised February’s payrolls to 240,000 from 227,000, but cut January's figure by 9,000 to 275,000.
The numbers rekindled sentiments that the Federal Reserve may consider stimulating the economy by buying bonds from banks, a monetary tool known as quantitative easing, which often weakens the dollar as a side effect and sends gold climbing.
The news sent gold prices rising initially, although the metal reversed some of its gains on sentiment the Federal Reserve won't change monetary policy on the performance of one economic indicator.
Elsewhere on the Comex, silver for May delivery was up 0.14% and trading at USD31.723 a troy ounce, while copper for May delivery was up 0.25% and trading at USD3.797 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.03% at USD1,632.15 a troy ounce in thin holiday trading.
Gold futures were likely to test support at USD1613.55 a troy ounce, Wednesday's low, and resistance at USD1,682.65, Tuesday's high.
In the U.S., the Bureau of Labor Statistics reported the economy added a net 120,000 nonfarm payrolls in March, well below the range of most market expectations.
The government revised February’s payrolls to 240,000 from 227,000, but cut January's figure by 9,000 to 275,000.
The numbers rekindled sentiments that the Federal Reserve may consider stimulating the economy by buying bonds from banks, a monetary tool known as quantitative easing, which often weakens the dollar as a side effect and sends gold climbing.
The news sent gold prices rising initially, although the metal reversed some of its gains on sentiment the Federal Reserve won't change monetary policy on the performance of one economic indicator.
Elsewhere on the Comex, silver for May delivery was up 0.14% and trading at USD31.723 a troy ounce, while copper for May delivery was up 0.25% and trading at USD3.797 a pound.