Metals Stocks: Gold finds traction on weaker-than-expected jobs report

Gold climbed sharply Friday, with prices set to settle around a six-week high, after a reading on U.S. job growth fell short of forecasts for a strong payrolls jump in May, casting some doubt on the pace of gold-negative U.S. interest-rate hikes this year.

August gold GCQ7, +0.78% was up $11, or 0.9%, to $1,281.10 an ounce. Prices, based on the most-active contracts, haven’t settled at a level this high since April 21, according to FactSet data. For the week, the contract has gained roughly 0.8%.

“The dollar continues to weaken and Treasury yields continue to fall in the wake of the jobs numbers,” Michael Armbruster, principal and co-founder at brokerage firm Altavest, told MarketWatch.

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