Gold’s renewed momentum, following a disappointing May jobs report, is expected to continue into next week with some analysts saying that $1,300 could be a viable target.
Gold saw a major boost Friday after the release of a weaker-than-expected nonfarm payrolls report, which showed that 138,000 jobs were created in May, well below expectations for gains of 181,000 jobs.
August gold futures last traded at $1,279.60 an ounce, up 0.64% from last Friday, its fourth consecutive week of positive gains.
The rally in gold helped push up the entire precious metals complex higher with palladium posting its highest price in almost two years; September palladium last traded at $835.45 an ounce, up more than 6% from last week. July Comex silver futures last traded at $17.505, up 1% from last week. Meanwhile, July Platinum was the only weaker metal, last trading at 953.60 an ounce, down almost 1% from the previous week.