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​Gold futures fall on stronger greenback after upbeat U.S. jobs data

2018-06-02 09:11

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Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday, as upbeat monthly U.S. employment data buoyed the dollar.

The most active gold contract for August delivery went down 5.4 dollars, or 0.41 percent, to close at 1,299.3 dollars per ounce.

Data Friday showed that the United States created 223,000new jobs in May, pushing unemployment down to an 18-year low of 3.8 percent.

Separately, the Institute for Supply Management's manufacturing index rose to 58.7 percent, up 1.4 percentage points from April.

The U.S. dollar index, which measures the buck against six rivals, went up 0.2 percent to 94.16 as of 1930 GMT.

Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall.

As for other precious metals, silver for July delivery fell 1.7 cents, or 0.1 percent, to settle at 16.441 dollars per ounce. Platinum for July dropped 3.4 dollars, or 0.37 percent, to close at 906.7 dollars per ounce.
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