Gold Futures Climb As Jobs Data Put June Rate Hike In Question

By Carla MozeeMarketsMarketWatch Pulse

Gold futures pushed higher Friday after data showed the U.S. economy created a much lower-than-antipated number of jobs in May. Gold for August delivery rose 2.1% to $1,237.60 an ounce. Silver futures also popped higher, up 2.1% at $16.36 an ounce. Just 38,000 nonfarm payroll jobs were created last month, the Labor Department said. Economists polled by MarketWatch had expected 155,000. The report put into question ​the possibility of an interest-rate increase by the Federal Reserve at its June meeting. A rate increase would put pressure on gold and silver as the commodities don't pay interest, sending investors looking for higher yields.

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