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Gold futures finish sharply lower after strong job report

06 May 2023 Evaluate

Gold futures finished sharply lower on Friday, as the strong US April jobs report intensified bet about Federal Reserve pausing interest rate hike. Moreover, profit taking after previous session’s 8 month high also triggered the downside. The yellow metal for the most active contract marked 1.6% gain for the week.

Gold futures for June dipped by 30.90 or 1.50% to settle at $2024.80 ounce on the Comex division of the New York Mercantile. While, spot gold slipped by $33.49 or 1.63% to $2,016.79 per ounce.