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Gold Settles at Three-Month High Following Jobs Report

M. Ali 7 May, 2021 11:45 pm Commodities, Market Update

Gold prices rose on Friday, reaching their highest closing level in nearly three months, amid increased demand for safe-haven assets following the release of a relatively disappointing jobs report in the United States.

In addition, the U.S. Dollar’s (USD) decline provided more support to the yellow metal.

Gold futures for June delivery gained $15.60, or 0.9%, to finish at the level of $1,831.30 per ounce.

This marked the highest closing level for the yellow metal’s futures since February 10.

For the week, gold’s most-active contracts registered an increase of 3.6%.

Meanwhile, silver futures for July delivery ended today’s trade nearly unchanged at $27.48 per ounce, rising by about 6% on a weekly basis.

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