Comex gold futures rose on Friday as the dollar fell, after upbeat US jobs data disappointed investors who had bet on much stronger gains, dealers said.
August gold climbed $2.80 to finish at $391.70 an ounce after zigzagging between $385.50, its lowest level since May 24, and a session peak of $392.50.
Nonfarm payrolls rose by a stronger-than-expected 248,000 last month, overshooting forecasts for a gain of 216,000. Investors saw that as a sign that the economy was strengthening, but not so fast the Federal Reserve would jack up rates aggressively to nip inflation.
"Gold made its low right on that unemployment number," said Scott Myers, analyst at Pioneer Futures. "It tracked the euro tick-for-tick. I think it was a trade that was purely following the currencies, based on the interest rate picture."
Spot gold last hit $390.80/1.30, above on Thursday's close of $387.85/8.55. On Friday's afternoon fix in London was $388.30. July silver rose 7.5 cents to $5.81 an ounce, near the top of a range of $5.65-$5.835.
Spot silver fetched $5.79/81 against $5.71/74 previously. On Friday's fix was $5.76. July platinum gained $2.30 to $829.60 an ounce. Spot was quoted at $827.50/832.50. September palladium fell $2.60 to $244.40 an ounce. Spot was last traded at $238.50/244.50.