Gold in the deepest 2017 weekly loss

Gold deepest weekly lost

Gold prices, were found in lower positions as the week ended, this was the precious metal’s lowest settlement since the middle of March, and was suffering from their biggest weekly loss of the year so far.

The latest U.S. jobs report shows promising results, and was seen keeping the Federal Reserve being pushed towards higher interest rates, with that, there are signs that point to the inevitability of another hike that is expected to happen as soon as next month.

The government data showed that as of April, there was a huge improvement in terms of people that are now employed as hiring rebounded from an uncertain employment report in the early spring. The unemployment rate dipped to 4.4% from its 4.5% which sets a new post-recession low even though the government also reduced the estimate of jobs that will be created in March.

June gold futures was down by $1.70 or 0.1% and was last found at $1,226.90 with prices at their lowest level in about seven weeks. Prices ended that session to about 3.3% lower for this week’s end session, which was its largest weekly percentage loss since the week ended in Nov. 11, this was according to FactSet.

Silver futures saw its July contract fall to 2.9 cents which was equal to 0.2% and was being traded at $16.274 per ounce. This was the lowest settlement for the year 2017. Silver futures ended 5.7% deeper in the bear for this week’s session.

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