Gold Dips 3 Weeks in a Row

On Friday gold dipped for 3 weeks in a row after the release of the monthly U.S. jobs data, which showed fewer than expected jobs were added.

On Thursday the World Gold Council released data showing that the overall gold demand was at its lowest first quarter level since 2008.

Gold futures made slight gains with gold for June gaining $2 or 0.2 percent at $1,314.70 an ounce, for the week prices were down at a two month low of around 0.7 percent.

The U.S. Dollar Index which measures the green buck against a basket of six major currencies gained 0.2 percent at 92.58 on Friday.

A stronger dollar usually pushes down the gold price as the dollar was on track for its third weekly straight gain of around 1 percent.

U.S. Jobs Data-unemployment

Data released showed that fewer than expected jobs were added to the U.S. economy with only 164,000 job added last month.

For the first time since 2000 unemployment fell below 4 percent, while the hourly wage rose 0.1 percent or 4 cents to $26.84.

Yearly pay increases remained unchanged at 2.6 percent.

Chief market analyst at Insignia, Chintan Karnani said that even though the unemployment rate is below 4 percent he still expects the Fed to raise interest rates 3 more times this year.

Federal Reserve Bank

William Dudley, Fed President in New York said that he was happy with the situation regarding inflation.

Fed officials are expected to make speeches following their monetary policy conference later today where they will be participating in an evening panel at the Stanford University Hoover Institute. Market participants are hoping that they will get any hints regarding interest rate hikes in the future.

The upcoming meeting between the U.S. and China on trade issues is now the focus for markets, with concerns of escalating trade hostilities. Markets have experienced volatility over the recent months with concerns of a trade war.

Other Metals

July Silver gained 0.4 percent to $16.519 an ounce, gaining approximately 0.1 percent for the week.

July Copper gained 0.2 percent at $3,086 a pound, up 0.5 percent for the week.

July Platinum rose 0.7 percent to $910.30 an ounce with a fall of about 0.7 percent for the week.

Palladium for June delivery fell 0.2 percent to $957.25 an ounce.

The Dow industrials fell 0.2 percent.

10-year Treasury note yield gained 2.95 percent. Any further gains could be detrimental to further weakness in gold.

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