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Gold and Silver Hit Two-Month Lows Following Stronger-Than-Expected US Jobs Report

By

Conor Murray

29d ago· 4 min readenNews
financebusiness

Summary

Gold and silver prices plunged to two-month lows on Friday after the Bureau of Labor Statistics reported stronger-than-expected jobs data for May (172,000 nonfarm jobs added). Gold fell over 2.5% to $4,388.00, while silver tumbled more than 6% to $69.44, slipping under $69 for the first time since late March. The strong labor market data has fueled expectations that the Federal Reserve will maintain or raise interest rates this year, which typically pressures precious metal prices.

Source

bskyGold and Silver Hit Two-Month Lows Following Stronger-Than-Expected US Jobs Reportforbes.com

Key quotes

· 3 pulled
The price of gold is $4,388.00 as of 11 a.m. EST Friday, down more than 2.5% but slightly higher than an intraday low of $4,369.40.
Silver tumbled more than 6% to $69.44 as of 11 a.m. EST, but it plunged even further to $68.92 earlier in the day.
The prices plunged within hours of the Bureau of Labor Statistics releasing stronger-than-expected jobs data, reporting the United States added 172,000 nonfarm jobs in May.
Snippet from the RSS feed
Strong jobs data and expectations the Federal Reserve will maintain or raise interest rates this year pushed gold and silver prices to two-month lows on Friday.

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