Walsh's Lusk: gold eases on 'run out of safe havens' after jobs report
(Kitco News) - Gold futures fell to their lowest level in roughly six weeks after the monthly U.S. jobs report showed that nonfarm payrolls rose by 2.5 million jobs in May as Americans started returning to work after COVID-19 lockdowns. Economists had been expecting a decline in employment instead. Stock-index futures are sharply higher. As of 9:12 a.m. EDT, Comex August gold was $42.60 lower to $1,684.80 an ounce. “Gold has sold off pretty heavily here,” Lusk said. “We had a surprise jobs number….That got the wheels spinning here and a run out of safe havens.” Technically, he said, prices are around a key chart point. Gold has pulled back to the $1,680-$1,675 area before and found “willing buyers.” The market will be watching to see if this happens again, and much may hinge on future economic data and stock-market performance, he added.