Fri, 23 Apr 2021

Gold down on positive U.S. economic data

Xinhua
06 Mar 2021, 06:18 GMT+10

CHICAGO, March 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as investors reacted to stronger than expected U.S. economic data.

The most active gold contract for April delivery fell 2.2 U.S. dollars, or 0.13 percent, to close at 1,698.5 dollars per ounce.

U.S. Department of Labor released its monthly big jobs report on Friday, showing the United States created 379,000 new jobs in February, the biggest increase in four months and much better than the 166,000-increase in January. And the unemployment rate fell to 6.2 percent in February from 6.3 percent in January.

Positive economic data pushed U.S. bond yields and U.S. dollar index higher, as traders believe U.S. economy is recovering from the COVID-19 pandemic.

Silver for May delivery fell 17.4 cents, or 0.68 percent, to close at 25.287 dollars per ounce. Platinum for April delivery fell 7 dollars, or 0.62 percent, to close at 1,128.3 dollars per ounce.

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