Gold price loses altitude after upbeat U.S. jobs data

(Kitco News, Friday. June 6th, 2025) – Gold prices are slightly lower in early U.S. trading Friday and are losing altitude following a key U.S. economic report that showed no major surprises and was overall upbeat. Silver prices are up and hit another 13-year high. August gold was last down $4.00 at $3,370.00. July silver prices were last up $0.45 at $36.23.

Arguably the most important U.S. data point of the month sees the just-released May employment situation report from the Labor Department and its key non-farm payrolls number up 139,000. The number was seen up 125,000 jobs, compared to a revised rise of 147,000 in the April report. The overall unemployment rate was unchanged at 4.2%. The big downside miss in Wednesday’s ADP national employment report had many market participants pensive, wondering if Friday’s jobs report would also be a downside miss. Not so.

Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to higher openings today in New York and rallied in pre-opening trading after the upbeat jobs report. The rallying stock indexes are a negative for the safe-haven metals.

The key outside markets today see the U.S. dollar index firmer. Nymex crude oil futures prices are near steady and trading around $63.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.456%.

Other U.S. economic data due for release Friday includes the consumer credit report.

Technically, August gold futures bulls have the solid overall near-term technical advantage.  Bulls’ next upside price objective is to produce a close above solid resistance at the May high of $3,477.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $3,300.00. First resistance is seen at $3,400.00 and then at this week’s high of $3,427.70. First support is seen at Thursday’s low of $3,362.30 and then at $3,350.00.

July silver futures bulls have the strong overall near-term technical advantage after seeing a bullish upside “breakout” from a trading range on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $37.50. The next downside price objective for the bears is closing prices below solid support at $34.00. First resistance is seen at the overnight high of $36.46 and then at $36.75. Next support is seen at the overnight low of $35.755 and then at $35.00.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com