Gold futures climbed Friday, looking to recoup some of their sharp loss from a day earlier that sent prices to their lowest level of the year, but prices remain on track to register a loss for the week—their fifth in six weeks.

Data Friday revealed that the U.S. created a larger-than-expected 263,000 new jobs in April, which helped the unemployment rate fall to a 49-year low of 3.6%.

In reaction, however, the dollar has edged lower, with the ICE U.S. Dollar Index

DXY, -0.29%

 down 0.2%, contributing to a weekly decline so far of nearly 0.4%. Weakness in the buck provides support for dollar-denominated gold.

The dollar’s reaction to the jobs report was “a typical V-shape move: up first then down as investors realized the nonfarm payrolls report was not as solid as the headline jobs growth suggested,” said Fawad Razaqzada, technical analyst at Forex.com. “Similarly, yields initially rose then fell back as bonds rallied.”

This helped to underpin U.S. stocks and gold prices, “on perception that this mixed-bag jobs report hasn’t change the outlook for U.S. interest rates materially,” he said in an email update.

Gold for June delivery

GCM9, +0.70%

 on Comex tacked on $9.60, or 0.8%, to $1,281.60 an ounce, while July silver

SIN9, +2.35%

 rose 27.8 cents, or 1.9%, to $14.895 an ounce.The most-active gold contract was on track to fall around 0.6% for the week, while silver is off 1.3% over the same stretch. Gold had posted a gain last week, but fell in each four weeks before that.

Meanwhile, gold’s loss for the week comes even as the World Gold Council reported on Thursday a 7% year on year rise in first quarter global gold demand to 1,053.3 metric tons, on the back of a 49% climb in year on year exchange-traded fund holdings and net purchases among central banks hitting a six-year high.

“That should have been enough fundamental news to have driven gold higher,” said analysts at Zaner Metals, in a daily note. “Unfortunately for the bull camp the gold market is currently suffering an exodus of capital headed for equities, which are thought to be one of the few games in town.”

“Furthermore, the market continues to embrace ideas that a U.S./Chinese trade deal is near and that seems to increase the allure of equities even more, and that logically comes at the expense of risk instruments like gold,” they added.

Gold saw its lowest close of 2019 on Thursday, losing ground for the session as the dollar gained in the wake of remarks Wednesday by Federal Reserve Chairman Jerome Powell, who appeared to disappoint investors who had been looking for him to signal the Fed was leaning toward a rate cut in the future. Instead, Powell offered no hints on the direction of the next policy move.

Opinion: The stock market’s reaction to this one word from the Fed’s Powell shows investors should be careful

In other metals trade, July platinum

PLN9, +2.29%

was up 1.1% at $863.50 an ounce, with the contract down more than 4% for the week, while June palladium

PAM9, +1.23%

 rose 1.7%, to $1,365.70 an ounce, with prices down about 5.6% for the week.

July copper

HGN9, +1.42%

 rose 1.7% to $2.826 a pound, but looking at a weekly loss of 2.4%.

Among exchange-traded funds, SPDR Gold Shares

GLD, +0.69%

 added 0.8% for the session, paring its weekly loss to 0.4%.

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2019-05-03