Los Angeles CA, June 2 (Tangible Investments) — by James O’Dell — Precious metals prices surged in early trading on Friday as Gold rallies sharply after non-farm payrolls miss. Gold is up 1.00 percent to $1,278.00 an ounce after easing $3.20 on Thursday to close at $1,265.40.

Silver is up 1.36 percent to $17.51 an ounce after easing $0.03 on Thursday to close at $17.28 an ounce. The Gold/Silver ratio fell to 73.23. Platinum is up 2.15 percent to $950.00 an ounce. Palladium is up 1.09 percent to $833.00 an ounce.

Gold rallied in early trading Friday after the Bureau of Labor Statistics reported just 138k jobs were created in May. Economists were expecting 185k, but not only were May numbers bad, April and March jobs gains were also revised lower.

“With these revisions, employment gains in March and April combined were 66,000 less than previously reported,” said the report. The U.S. dollar is lower after the weaker-than-expected jobs report and continues in a nearly three-month-old downtrend.

CME Group’s FedWatch still sees the chance for a quarter-point rate hike in June at around 90 percent. “At this stage the market is fully pricing in an interest rate hike but the question is will it be a dovish hike,” said Ole Hansen of Saxo Bank.

“With uncertainty still a dominant theme across the markets, Gold could remain supported moving forward. From a technical standpoint, bulls need to maintain dominance above $1,260 for prices to appreciate towards $1,275, says FXTM research analyst Lukman Otunuga. Gold Rallies Sharply After Non-Farm Payrolls Miss.

Indian Gold Demand To Be Affected

Meanwhile, Indian Gold demand will likely be affected by new goods and services taxes soon to be introduced in India.  “The tax rate to be imposed on Gold could be announced at the weekend – and is expected to be in the 1 percent to 5 percent range,” said Commerzbank.

“If the Indian government opts for a high tax rate, this is likely to generate significantly higher demand for Gold in India in the remaining weeks until the tax comes into effect.” Gold Rallies Sharply After Non-Farm Payrolls Miss.

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