Share

Gold advances as US employers add fewer jobs

New York - Gold futures extended gains after US employers in April added the fewest number of workers in seven months, weakening the case for the Federal Reserve to raise interest rates.

The 160 000 gain in payrolls followed a revised 208 000 rise in March, a Labour Department report showed on Friday. The median forecast in a Bloomberg survey called for a 200 000 April advance. The jobless rate, projected to ease, stayed at 5%, while wage growth accelerated.

Gold futures climbed 20% this year through Thursday in the best start since 2006, helped by speculation that the US central bank will be slow to tighten monetary policy. Low borrowing costs are a boon to gold because it doesn’t offer yields or dividends. Four regional Fed presidents said Thursday that they were open to considering an interest-rate increase in June if it’s justified by economic data.

Gold futures for June delivery rose 1.6% to $1 293.40 an ounce at 14:33 on the Comex in New York.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.93
+0.0%
Rand - Pound
23.89
+0.0%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
+0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders