Gold futures mark highest finish in almost 3 months

Gold futures climbed Friday for a third straight session to mark their highest finish in almost three months. Following data showing weaker-than-expected U.S. nonfarm jobs growth in April, Chintan Karnani, director of research at Insignia Consultants, said he does not expect U.S. interest rates to be raised at the Federal Reserve’s June meeting, and the U.S. dollar index is “on the defensive.” The ICE U.S. Dollar Index fell 0.7% Friday, on track for a weekly loss of over 1%, providing support for dollar-denominated gold. The June gold contract rose $15.60, or 0.9%, to settle at $1,831.30 an ounce. That was the highest most-active contract settlement since Feb. 10, FactSet data show. For the week, prices based on the most-active contract climbed about 3.6%.

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