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Gold Slip While Silver Weekly Jump

Gold Slip While Silver Weekly Jump

Gold Silver Reports — Gold retreated from a 3-week high as the dollar strengthened after an employment report eased concern that the U.S. labor market was slowing. Silver headed for the biggest weekly advance since April as holdings in exchange-traded funds edged nearer to a record. 

Gold for immediate delivery lost 0.3 percent to $1,265.91 an ounce by 2:08 p.m. in Singapore, declining from $1,271.80 a day earlier, the highest level since May 18, according to Bloomberg generic pricing. Silver was little changed at $17.2588 an ounce and was on track for a 5.2 percent increase this week.

The dollar climbed from a one-month low after a report on Thursday showed U.S. initial jobless claims unexpectedly fell last week. Monthly payroll data released on June 3 showed the U.S. created the fewest jobs in almost six years in May, spurring investors to cut bets that the Federal Reserve would increase borrowing costs in coming months.

“Expectations of a June rate hike have evaporated,” Daniel Hynes, senior commodity strategist at Australia & New Zealand Banking Group Ltd. in Sydney, said by e-mail. “However, next week’s Fed meeting still brings some risks. Any comments suggesting conditions are still conducive to rate hikes could hinder gold’s upward trend.”

The Federal Open Market Committee will end a two-day meeting on June 15 with a policy statement, revised economic projections and a news conference. Traders are pricing in no chance of a rate hike in June, while December is the first month with at least even odds of a rate increase. — Neal Bhai Reports

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