CHICAGO, May 8 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended slightly lower on Friday after gaining for 4 straight sessions this week, as the economy concerns were further mollified by better-than-expected job data. Silver and platinum fell, too.
Gold price for June delivery dropped 60 cents, or 0.5 percent, to settle at 914.90 U.S. dollars an ounce.
The Labor Department released on Friday that nonfarm payrolls fell 539,000 in April, the smallest decline since last October and well below economists' expectations of 610,000. However, the country's unemployment rate rose by 0.4 percent to 8.9 percent, the highest level since 1983.
The slowing pace of layoffs for April reflected an easing in the massive job destruction during the previous five months despite the higher jobless rate, which is considered to be another sign the economy is bottoming out and recovering gradually, limiting gold's appeal as an asset to hedge the recession risk.
However, worries over inflation helped keep the precious metal loss limited especially after the European Central Bank announced on Thursday to cut its interest rate by 0.25 points to a record low level of 1 percent and the Bank of England also plans to step up efforts to increase the money supply to shore up the economy.
A much weaker dollar was another supportive factor to gold. By the end of gold floor trading time, the rate against euro plummeted more than 2 cents to 1.3594 dollars, the lowest level since March 26.
July silver finished at 13.955 dollars per ounce, down 7.5 cents. July platinum lost 10.20 dollars to 1,147.10 dollars an ounce.
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