New York: Gold rose the most in three weeks after US employers added slightly fewer jobs than economists had forecast. Traders also bought gold as the stock market slumped.
The price of gold for June delivery climbed $18.90 (Dh69.36), or 1.5 per cent, to $1,303.50 an ounce on Friday, its biggest gain since March 12.
Gold has rebounded this year after plunging almost 30 per cent last year as the dollar appreciated and the US economy showed signs of strengthening without inflation. Traders typically buy gold to hedge against rising prices or when the dollar weakens. Gold also got a lift as traders sought a safe haven as the stock market sank.
“We had a friendly number for gold in the jobs figure today,” said George Gero, a financial advisor at RBC Wealth Management.
Other metals also rose.
Silver for May delivery gained 14 cents, or 0.7 per cent, to $19.95 an ounce. Platinum for July delivery gained $5.40, or 0.4 per cent, to $1,450.90 an ounce. Palladium for June rose $1.90, or 0.2 per cent, to $790.75 an ounce.
Copper for May edged a fraction of a cent lower to $3.02 per pound.
Agriculture
In trading of agricultural products, wheat and soybeans fell. Corn rose.
Wheat for May fell 6.25 cents, or 0.9 per cent, to $6.70 a bushel. Corn for the same month gained 1.8 cents, or 0.4 per cent, to $5.02 cents a bushel. May soybeans fell 1.5 cents, or 0.1 per cent, to $14.74 a bushel.
In energy trading, the price of oil rose 85 cents, or 0.8 per cent, to $101.14 a barrel. Wholesale gasoline for May rose 1.9 cents to close at $2.93 a gallon. Natural gas for the same month fell 3.1 cents, or 0.7 per cent, to close at $4.439 per 1,000 cubic feet. May heating oil gained edged up 0.2 cents, or 0.1 per cent, to $2.91 a gallon.
