Gold rallies for the day, drops 1.2% on week

Gold futures closed more than $20 an ounce higher on Friday, paring their loss for the week, as a disappointing U.S. jobs report pressured the dollar and contributed to a slide in the stock market.
Gold for June delivery rose $23.50, or 1.5%, to settle at $1,575.90 an ounce on the Comex division of the New York Mercantile Exchange.

  
Tracking the most-active contracts, prices were still down 1.2% from the final trading day of last week. They settled with a loss of $1.10 on Thursday, which marked their third straight decline. Read about why gold fell and what to do next.
The jobs data will “likely silence those calling for a phased withdrawal” of quantitative easing by the Federal Reserve — at least for awhile, said Peter Grant, chief market analyst at USAGold.

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