News: Gold ends lower in New York

  1. Gold futures on Friday fell more than 3% to settle at their lowest level since mid-January after an encouraging U.S. jobs report provided support for the dollar, drawing investors’ attention away from the haven metal.

    Gold for April delivery shed 2.2% to settle at US$1,234.60 an ounce.

    They marked their lowest settlement since January 14. Prices saw a loss of 3.5% for the week.

    Data showed the U.S. added 257,000 new jobs in January, kicking off the year on a strong footing, amid evidence that an influx of hiring in the past year may finally be pushing wages higher.

    Average hourly earnings recorded the biggest gain in more than six years.

    In other metals, March silver also lost 2.9% to end at US$16.694 an ounce, with prices down around 3% for the week.

    Platinum for April delivery shed 2.3% to US$1,221.60 an ounce, down 1.3% for the week, while palladium for March delivery lost 1.8% to US$781.30 an ounce, and was up 1.2% for the week.

     

 
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