The price of gold remained on the front foot on Friday due to the dollar’s depreciation after the US Bureau of Labour Statistics announced that Nonfarm Payrolls (NFP) rose by 559,000 in May.
At 1310 GMT, gold in the international market was trading at $1,888.50 an ounce after gaining $16.70 an ounce in its value as compared to its closing value on Thursday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan remained flat at Rs94,200 as much of the decline and increase in price was witnessed at a time when markets in the country were closed due to difference in timing between local and international markets.
Nonfarm Payrolls (NFP) in the US rose by 559,000 in May, the data published by the US Bureau of Labour Statistics showed on Friday.
This reading followed April’s print of 278,000 and came in worse than the market expectation of 650,000.
Further details of the report showed that the unemployment rate declined to 5.8% from 6.1% .—TLTP