NEW YORK (
were fluctuating around the flatline on Friday after an upbeat jobs report triggered investors to move into equity markets.
Gold for June delivery at the COMEX division of the CME was rising $2.50 to $1,470.10 an ounce. The
traded as high as $1,487.20 and as low as $1,455.40 an ounce, while the spot price was increasing $7.30, according to Kitco's gold index.
The Bureau of Labor Statistics reported Friday morning that nonfarm payrolls rose in April by 165,000, while the unemployment rate ticked slightly lower to 7.5%. Consensus among economists polled by
was looking for 145,000 new jobs and an unchanged unemployment rate at 7.6%.
"The S&P is up 14 handles right now, and rightfully so as the jobs report number is the main catalyst main driver of the whole thing," Mihir Dange, options trader at Graphite Capital,
said ahead of the market opening
Gold received a boost during Thursday's trading session as a rate cut by the European Central Bank and the
statement that it main be open to additional monetary stimulus suggested to traders that central banks would continue to add liquidity to the economy.
Since gold's 13% drop across the consecutive trading sessions on April 12 and April 15, the yellow metal has retraced about half of its losses, but many traders and analysts are unconvinced that gold has found a firm trading range and technical base of support.
"Gold is trying to find its footing here amidst an environment where China and Europe are slowing and central bank inflation targets are undershooting in the Western hemisphere," Sonny Tahiliani, managing director of precious metals at MacroMoves Capital Advisors, said in an email.
for July delivery was adding 21 cents to $24.04 an ounce, while the
U.S. dollar index
was slipping 0.17% to $82.07.
Gold mining stocks were mostly higher on Friday. Shares of
(GG - Get Report)
were up 3%, while shares of
(RGLD - Get Report)
were gaining 2.1%.
Among volume leaders,
(ABX - Get Report)
was ticking higher by 1.6%.
SPDR Gold Trust
was adding 0.43%, while
iShares Gold Trust
was up 0.42%.
-- Written by Joe Deaux in New York.