Gold edges lower as unexpected job data ease economic worries

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.

Australian stock market closes higher

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CANBERRA, May 4 (Xinhua) -- The Australia share market closed higher on Monday.

The benchmark SP/ASX200 index was up 113.4 points, or 3.01 percent, at 3,883, while the broader All Ordinaries increased 108.1 points, or 2.89 percent, to 3,846. It was the biggest one-day gain in the SP/ASX200 since March 16.

Total market turnover reached about was 1.9 billion shares, traded for a value of 3.45 billion (2.54 billion U.S. dollars), with 667 stocks up, 332 down and 306 unchanged.

In the banking sector, ANZ Banking Group put on 62 cents, or 3.88 percent, to 16.62 dollars, Commonwealth Bank was up 1.55, or 4.42 percent, to 36.60 dollars, National Australia Bank up 94 cents, or 4.53 percent, to 21.70 dollars and Westpac climbed 55 cents, or2.9 percent, to 19.50 dollars.

In the resources sector, global miner BHP Billiton added 83 cents, or 2.48 percent, to 33.82 dollars, while rival Rio Tinto surged 3.12 dollars, or 4.86 percent, to 67.30 dollars.

The media stocks were mostly stronger with News Corporation up 36, or 2.86 percent, to 12.95 dollars and its non-voting scrip surged 37 cents, or 3.29 percent, to 11.63 dollars, Fairfax Media finished steady at 1.15 dollars. and Consolidated Media added four cents, or 1.88 percent, to 2.17 dollars.(1 Australian dollar equals 0.7364 U.S. dollar)