• Gold has pared its gains after data shows US job growth rebounded in April and stayed on track for its biggest weekly loss in six months as expectations for a US interest rate hike in June grew and eurozone political risk receded.
• The US dollar hit its lowest level in roughly six months against the euro despite the sharp rebound in US payrolls data, which did not shake investors' bullishness toward the euro ahead of the second round of France's presidential election.
• Spot gold was up 0.05 per cent at $US1,227.89 an ounce by 2.35 pm Friday EDT (0435 Saturday AEST), but set to end the week down 3.2 per cent, its biggest weekly drop since November.
• US June gold futures settled down 0.14 per cent at $US1,226.90.
• Gold fell to the lowest in nearly seven weeks at $US1,225.20 on Thursday after the Fed played down any threats to this year's planned rate increases, supporting forecasts of another move in June.
• “I think we could see some further technical weakness to $1,210 and then $1,200,” said Sean Lusk, director of commercial hedging with Walsh Trading.
• Colin Cieszynski, senior market analyst at CMC Markets Canada, said he is also negative on gold as he expects to see bearish momentum pick up.
• Silver was up 0.2 per cent at $US16.31 an ounce, on track to close the week down 5.4 per cent.
Reference: Business News, Kitco
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