TEMPO.CO, Jakarta - Prices of gold contracts at the New York Mercantile Exchange experienced a depreciation at the conclusion of trading on Friday morning, May 6, Jakarta time, following the appreciation of the greenback - which drove investors to return to the US Dollar to invest in.
June contracts for gold went down by US$2.10 or 0.16 percent to conclude trading at US$1,272.00 per ounce.
Analysts are saying that gold prices experienced a depreciation after the Dollar Index went up on Thursday, May 5, 2016. Since gold is priced in US Dollar, when the green back experienced an appreciation, gold prices usually moves in the opposite direction, because gold becomes more expensive to purchase.
That said, the depreciation of gold prices is held back by weak unemployment claim figures released by the US Labor Department, which showed that unemployment benefit claims rose by 17,000 up until the week ending on April 30 - where the figure stands at 274,000.
At the conclusion of trading in New York on Friday morning, Jakarta time, other precious metals such as silver experienced an appreciation of 2.60 cents or 0.15 percent to trade at US$17,327 per ounce - while July contracts for platinum went up by US$8.20 or 0.78 percent to conclude trading at US$1,063.80 per ounce, Xinhua reports.
ANTARA
