2023.06.0218:16:00UTC+00Gold Futures Settle Notably Lower, But Gains 1.3% In Week

Gold prices drifted lower on Friday as the dollar climbed up after data showed a notable jump in U.S. non-farm payroll addition in the month of May.

The dollar index surged to 104.02, gaining nearly 0.5%.

Gold futures for August ended lower by $25.90 at $1,969.60 an ounce. Gold futures gained about 1.3% in the week.

Silver futures for July ended down $0.240 at $23.747 an ounce, while Copper futures for July settled at $3.7345 per pound, gaining $0.0165.

Data from the Labor Department showed U.S. employment surged by much more than expected in the month of May.

The report showed non-farm employment soared by 339,000 jobs in May after spiking by an upwardly revised 294,000 jobs in April. Economists had expected employment to climb by 190,000 jobs compared to the jump of 253,000 jobs originally reported for the previous month.

The data also showed that the unemployment rate rose to 3.7% in May from 3.4% in April. The unemployment rate was expected to inch up to 3.5%.

The Senate passing a bill to raise the debt ceiling late Thursday night helped as well in lifting investor sentiment.