Gold futures for February delivery closed down $54.20, or 2.8%, at $1,876.60 an ounce on Friday.
(Associated Press)
[Financial Channel/Comprehensive Report] After the unexpectedly strong non-agricultural employment report in the United States in January, investors worried that the Federal Reserve might raise interest rates more aggressively. 3) fell, falling below the $1,900 mark, reaching a new low in three weeks.
Gold futures for February delivery closed down $54.20, or 2.8%, at $1,876.60 an ounce on Friday, the biggest one-day drop since June 17, 2021 and the most active contract since Jan. 10. Lowest closing price.
This week, it fell 2.7%.
Please read on...
The U.S. added 517,000 non-farm payrolls in January, the largest gain in six months, well above the 187,000 expected by economists surveyed by The Wall Street Journal.
The unemployment rate fell from 3.5% to 3.4%, a 54-year low.
The data threatened to keep the Fed in its rate-hiking mode.
Jason Schenker, president of Prestige Economics, described the Federal Open Market Committee (FOMC) as now "like getting a license to keep raising rates."
The news strengthened the dollar, with the ICE U.S. Dollar Index rising 1.2% to 102.92 on Friday.
In terms of other precious metals, silver futures for March delivery fell 5.1% to $22.405 an ounce, down nearly 2.5% this week; palladium for March delivery fell 1.5% to $1,618.40 an ounce, up 1.2% this week; Platinum for monthly delivery fell 5.1% to close at $980.30 an ounce, the lowest closing price since December last year, and fell 3.6% for the week.
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