Gold Slips Below Unchanged As U.S. Dollar Index Rallies
(Kitco News) - Gold prices have quickly lost modest gains that occurred in the aftermath of the U.S. jobs report. The U.S. dollar index has pushed to solidly higher levels on the day. It appears that traders read the U.S. jobs report as initially downbeat, as the non-farm payrolls rise of 164,000 in April did not meet expectations for a gain of 195,000. However, the overall U.S. unemployment rate fell to an 18-year low of 3.9% in April. Some analysts are reckoning the weaker-than-expected April non-farm jobs number was mostly due to cold and wet (snowy) weather over much of the U.S. that delayed construction projects. June gold was last down $1.40 at $1,311.30.