Gold gains after jobs report and stock market drop

Published on NewsOK Modified: April 4, 2014 at 4:06 pm •  Published: April 4, 2014
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NEW YORK (AP) — Gold rose the most in three weeks after U.S. employers added slightly fewer jobs than economists had forecast. Traders also bought gold as the stock market slumped.

The price of gold for June delivery climbed $18.90, or 1.5 percent, to $1,303.50 an ounce on Friday, its biggest gain since March 12.

Gold has rebounded this year after plunging almost 30 percent last year as the dollar appreciated and the U.S. economy showed signs of strengthening without inflation. Traders typically buy gold to hedge against rising prices or when the dollar weakens. Gold also got a lift as traders sought a safe haven as the stock market sank.

"We had a friendly number for gold in the jobs figure today," said George Gero, a financial advisor at RBC Wealth Management.

Other metals also rose.

Silver for May delivery gained 14 cents, or 0.7 percent, to $19.95 an ounce. Platinum for July delivery gained $5.40, or 0.4 percent, to $1,450.90 an ounce. Palladium for June rose $1.90, or 0.2 percent, to $790.75 an ounce.