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Gold Futures Settle Higher For 3rd Straight Day

Gold futures settled higher on Friday, climbing up for a third straight day, as the dollar weakened after data showed a smaller than expected addition in non-farm jobs in April.

The dollar index drifted down to 90.21, sliding about 0.8% from the previous close.

Gold futures for June ended up by $15.60 or about 0.9% at $1,831.30 an ounce.

Silver futures for July ended flat $27.477 an ounce, while Copper futures for July settled at $4.7485 per pound, up $0.1460 from the previous close.

Data from the Labor Department showed non-farm payroll employment in the U.S. increased by far less than expected in the month of April, rising by 266,000 jobs, after surging by a downwardly revised 770,000 jobs in March.

Economists had expected employment to spike by 978,000 jobs compared to the jump of 916,000 jobs originally reported for the previous month.

The report also showed the unemployment rate inched up to 6.1% in April from 6% in March. Economists had expected the unemployment rate to drop to 5.8%.

The Commerce Department released a report on Friday showing wholesale inventories in the U.S. jumped by slightly less than anticipated in the month of March.

The report said wholesale inventories surged up by 1.3% in March after climbing by an upwardly revised 1% in February. Economists had expected wholesale inventories to spike by 1.4% compared to the 0.6% increase originally reported for the previous month.

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