Prices of gold and silver dropped on Friday after a report by the United States Bureau of Labor Statistics revealed that nonfarm employment in the country rose by 253,000 in April, going above analysts' projections.
The hotter-than-expected reading appears to show that the labor market is still able to withstand tight monetary conditions. The policymakers unanimously agreed to increase interest rates by half a percentage point this week, seemingly fueling up concerns over the United States economic outlook.
Gold lost 2.02% to sell for $2,008.71 at 9:12 am ET, while silver slid 2.14% to $25.49 a minute later.
