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Gold Jumps On Friday

Author:
Eray Bekir
Market News

Stocks rose on Friday, rebounding from a two-day loss, as data showed U.S. job creation was stronger than expected in April.

The Dow Jones Industrial Average rose 197.16 points to 26,504.95, while the S&P 500 rose nearly 1% to 2,945.64

Gold prices jumped on Friday, moving further away from a four-month low hit in the previous session, as the dollar slid despite data showing that U.S. jobs growth climbed last month.

Spot gold gained 0.8% to $1,280.66 per ounce and was on track to its biggest percentage gain since March 8.

In the previous session, the metal dropped to $1,265.85, its lowest since the end of December. U.S. gold futures settled $9.30 higher at $1,281.30.

“The bounce we are seeing is because the metal is oversold, and there is technical buying coming in right now,” said Bob Haberkorn, senior market strategist at RJO Futures.

Oil prices edged up on Friday, as strong U.S. economic data boosted demand sentiment and as production losses in sanctions-hit Iran and Venezuela tightened the market.

Still, oil futures posted weekly declines on a jump in U.S. crude inventories reported this week.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.