Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold fell 0.8% to close under $3,323 after better-than-expected employment data lifted Treasury yields and the dollar, undercutting alternative stores of value. Bullion still gained 1% for the week on rekindled tariff turmoil. Silver dipped less than 0.1% but finished the week a whopping 12.3% higher at $36.03 an ounce.

US nonfarm payrolls added 139,000 new jobs in May, the Labor Department reported, suggesting resilience in the labor market despite the toll of trade wars. While the headline number fell short of April's 147,000, it still beat forecasts of 130,000. The unemployment rate was unchanged at 4.2%.

Benchmark 10-year Treasury yields rose above 4.5% as traders speculated that the solid jobs report could keep the Fed from cutting interest rates later this year. Higher yields are a headwind for gold because they increase the opportunity cost for holding a non-yielding asset.

Tracking with yields, the dollar rose nearly 0.5% against major rivals, pressuring gold by making it pricier overseas.

Platinum added 2.9% for a weekly advance of 10.4%. Palladium picked up 4.5% today and 5% this week.

At the New York spot close: gold fell $28 to $3,322.70; silver slipped a nickel to $36.03; platinum rose $33 to $1,166.70; and palladium jumped $45.15 to $1,051.65 an ounce.