by Christopher Freeburn | June 7, 2013 9:45 pm
A better-than-forecast report on U.S. hiring in May from the Labor Department pushed gold sharply lower in Friday trading. The report renewed investor confidence in the strength of the U.S. economy, driving equities higher at the metal’s expense. Gold posted its first weekly decline in three weeks.
Gold futures for July delivery dropped 2.3% to $1,383.10 per ounce on Friday, according to CME Group. Gold traded as high as $1,416 and as low as $1,377.60. Gold bullion closed in London at $1,381, according to BullionVault.
Gold and silver funds moved down in Friday trading.
Gold and silver mining ETFs declined sharply during the day.
Gold mining shares slumped on Friday.
Silver mining shares sank during the day.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
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