Gold and silver bounced back on Friday following the disappointing U.S employment report that may have been among the key factors in dragging down the U.S stock market and oil prices, while pulling up bullion prices. The French elections were held yesterday and the results were that Hollande had won Sarkozy. Many anticipate that this result will have an adverse effect on the Euro. On today's agenda the following reports will be released: Australian retail sales, Swiss National Bank Forex Reserves and German factory orders. The full daily outlook on gold and silver for May 7th
Gold rose on Friday by 0.64% to $1,645.2; silver was also traded up by 1.41% to $30.43. Nevertheless, during the week gold decreased by 1.18% and silver by 3.12%.
U.S Employment Expanded by Only 115k in April
According to the recent U.S. employment report the number of non-farm employees increased by only 115,000. The main sectors that expanded during April were in professional and business services, retail sales and health care but declined in transportations and warehousing.
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