The gold price was on track to hit a six-week high on Friday (June 2) after a weaker-than-expected US nonfarm payrolls report eased expectations ofmore aggressive interest rate hikes this year.

The data shows that US job growth slowed last montheven though the unemployment rate dropped to its lowest level in 16 years. The US Federal Reserve is now expected to continue to increase interest rates at a gradual pace.

A hike in June is still on the table but the news flow will have to improve for the Fed to keep tightening in the second part of the year, Thomas Julien, US economist at Natixis North America, told Reuters.

The weak jobs data also put pressure on the US dollar, which touched a seven-month low on Friday.This is not the kind of report people had hoped for, and that has put pressure on the dollar and yields, and gold is always happy to profit from that, said Georgette BoeleofABN AMRO.

As of 1:00 p.m. EST on Friday, the gold price was at $1,276.72 per ounce.

Looking over to silver, the white metal rose sharply on Friday following the release of the jobs report. Prices were also supported by a weaker US dollar. According to Metals Focus, the first five months of 2017 have broughta lack of clear direction in silver prices.

Since then, however, silver has had to contend with the competing forces of, on the one hand, rising US interest rates and a healthy domestic economy and, on the other, concerns aboutthe US administration’s ability to fulfil its economic promises and global geopolitical concerns, the firm said.

As of 1:00 p.m. EST on Friday, the white metal was at $17.52 per ounce.Meanwhile, platinum was up 1 percent for the week, at $937 per ounce, and palladium gained 1.4 percent to reach $834.97 per ounce.

On the base metals side, three-month LME copper finished Friday 0.6 percent weaker, at $5,665 per tonne. The market is stalling into a downtrend channel from February’s $6,204 high, Alastair Munro ofMarex Spectron said in a note. A break below $5,602 would open up the potential for a move to $5,500.

Lastly, spot oil fell on Friday, and was trading at its lowest level in three weeks due to rising US production and US President Donald Trump’s withdrawal from the Paris Climate Accord.July West Texas Intermediate crude on the NYMEX slid 84 cents, or 1.7 percent, to $47.52 a barrel, while August Brent crudelost 90 cents, or 1.8 percent, to fall to $49.73.

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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.