Precious metals end four-day losing streak

Prices move up following disappointing job report Bullion metal prices ended higher on Friday, 04 May 2012 at Comex. Bullion futures prices ended the U.S. day session higher due to weak U.S. economic data, the much awaited job report and unemployment data. Gold also received a boost from uncertainties over the weekend, mainly in the euro zone. Gold had earlier fluctuated between small gains and losses, under pressure from a higher dollar. Gold for June delivery ended higher by $10.4 or 0.6%, to end at $1,645.2 an ounce on the Comex division of the New York Mercantile Exchange on Friday. Gold rose for the first time in five days. For the week, gold lost 1.2%. On Friday, silver prices for July delivery ended higher by 42 cents or 1.4% at $30.43. For the week, silver lost 3%. In the currency market on Friday, the Dollar Index, which weighs the strength of dollar against basket of six other currencies rose by almost 0.3%. The dollar was weaker earlier during the day. Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa. But bullions have registered increase in prices despite strong dollar in recent times and vice versa. The Labor Department in US reported on Friday that the U.S. economy added 115,000 jobs in April as hiring slacked off for the second straight month. Market had expected a 163,000 increase. The unemployment rate, meanwhile, dipped to 8.1% from 8.2%, as nearly 350,000 people dropped out of the labor force. The report also showed that average workweek was unchanged at 34.5 hours, while average hourly earnings rose 1 cent to $23.38. The increase in employment in March was