The U.S. Comex gold futures dropped $11 in the past two days and ended at $1,182.20 on Thursday. While the gold futures were up 0.66% for the week, the S&P 500 Index dropped 0.89%, the Euro Stoxx 50 Index fell 1.20%, and the U.S. Dollar Index declined 0.69%.
WTI crude continues to hover at or around $60 per barrel as the market waited for the U.S. jobs data. Overnight China released her import export data that seems to confirm slowing in the world’s second largest economy.
Following a weak first quarter dogged by a west coast port strike and a severe winter, the economy appears to be improving. On the one hand the latest report offered a substantial negative revision to March payrolls, on the other it was the only month this year to deliver a sub-200,000 payroll reading
U.S. job growth rebounded last month and the unemployment rate dropped to a near seven-year low of 5.4%, signs of a pick-up in economic momentum that could keep the Federal Reserve on track to hike interest rates this year.
The number of Americans filing new claims for unemployment benefits rose marginally last week, staying near a 15-year low in a sign that the labor market continues to strengthen despite moderate economic growth.