Gold Rallies After U.S. May Jobs Report

GOLD

Gold reached a low of $1,866 in Asian overnight trading before finding sizeable bargain buyers. Then as the market rolled into Europe, major buying appeared and the price rallied $10 per ounce. Then, the U.S. May Jobs report was released and it was under the forecasted number. On that news, the U.S. Dollar Index dropped and Gold reached a high of $1,897 per ounce. On a positive note, the nation’s unemployment rate fell from 6.1% in April to 5.8% in May. At 11am PT today, Gold is at $1,890 per ounce, up $18 on excellent volume.

SILVER

Silver reached a low of $27.29 before seeing buying, which took the price up $0.50 per ounce. Silver needs to get back above $28 next week to keep the bullish support from professional traders. At 11am PT today, Silver is up $0.32 per ounce, trading at $27.77 on strong demand.