Gold futures headed for a third straight loss on Friday as a benchmark Treasury yield, the U.S. dollar and equities gained altitude, drawing demand away from haven bullion.
Gold for June delivery GCM9, +0.01% on Comex was off $4.20, or 0.3%, at $1,290.30 an ounce, after settling lower in the past two sessions. Meanwhile, May silver SIK9, -0.03% lost a penny, or about 0.1%, to $15.08 an ounce.
For the week, gold is headed for a slide of 0.6%, while silver is on track to shed 0.1%, according to FactSet data, based on the most active contract.
The slide for gold intensified after the March employment report came in at a better-than-expected 196,000 jobs, rebounding from a paltry gain 33,000 in the prior month. The increase in new jobs beat the 172,000 MarketWatch forecast and the jobless rate was unchanged at 3.8%, around 50-year low.
The average wage paid to U.S. workers rose 4 cents, or 0.1%, to $27.70 an hour. The 12-month rate of hourly wage gains slipped to 3.2% from 3.4%.
Trade for precious metals has been trending lower as stocks have been more buoyant, with the Dow Jones Industrial Average DJIA, +0.19% the S&P 500 index SPX, +0.29% and the Nasdaq Composite Index COMP, +0.38% trading not far from records, amid supportive factors including optimism around a U.S.-China trade pact.
But economic fears of economic contraction and exogenous political events, like Britain’s troubled attempts to exit from the European Union, an event that could roil markets if it cannot be done in an orderly fashion, has kept any slide in gold in check, market participants said.
A technical selloff “will be there if gold does not break $1,305 by Monday,” Chintan Karnani, chief market analyst at Insignia Consultants, told MarketWatch, adding that “apart from gains in the