Gold Price Gets a Boost After US Jobs Data Release

The Wall Street Journal reported that gold prices rose on Friday after long-awaited US jobs data saw increases, but not enough for the Federal Reserve to immediately rate interest rates.

As quoted in the market news:

The U.S. economy added a seasonally adjusted 223,000 jobs in April, the Labor Department said. March data were revised to 85,000 jobs, down from a previously reported 126,000. The unemployment rate, collected through a separate survey, fell to 5.4 percent in April from 5.5 percent in March. Economists expected a gain of 228,000 jobs in April and an unemployment rate of 5.4 percent.

Gold prices initially jumped to $1,193 a troy ounce in response to the report, but they pulled lower as traders sifted through the data for clues about future U.S. monetary policy.

Gold for June delivery, the most actively traded contract, was recently up $5.60, or 0.5 percent, at $1,187.80 a troy ounce on the Comex division of the New York Mercantile Exchange.

Click here to read the full Wall Street Journal report.