Gold gains after jobs report and stock market drop
NEW YORK (AP) — Gold rose the most in three weeks after U.S. 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, or 1.5 percent, to $1,303.50 an ounce on Friday, its biggest gain since March 12.
Gold has rebounded this year after plunging almost 30 percent last year as the dollar appreciated and the U.S. 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 percent, to $19.95 an ounce. Platinum for July delivery gained $5.40, or 0.4 percent, to $1,450.90 an ounce. Palladium for June rose $1.90, or 0.2 percent, to $790.75 an ounce.
Copper for May edged a fraction of a cent lower to $3.02 per pound.
In trading of agricultural products, wheat and soybeans fell. Corn rose.
Wheat for May fell 6.25 cents, or 0.9 percent, to $6.70 a bushel. Corn for the same month gained 1.8 cents, or 0.4 percent, to $5.02 cents a bushel. May soybeans fell 1.5 cents, or 0.1 percent, to $14.74 a bushel.
In energy trading, the price of oil rose 85 cents, or 0.8 percent, 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 percent, to close at $4.439 per 1,000 cubic feet. May heating oil gained edged up 0.2 cents, or 0.1 percent, to $2.91 a gallon.