Gold exchange traded funds soared Friday after a miserable jobs report that had traders speculating the Federal Reserve will be forced to unleash additional stimulus to boost the economy.
Gold futures rallied back above $1,600 an ounce while the dollar weakened against the euro.
The largest precious metal ETF, SPDR Gold Shares (NYSEArca: GLD), rose 4.3% after the Labor Department said the U.S. economy added only 69,000 jobs in May, well below expectations.
In currency ETFs, PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) slipped 0.2% while CurrencyShares Euro Trust (NYSEArca: FXE) added 0.2%.
Gold ETFs were rebounding on the first day of the month after dropping about 6% in May. [Gold ETFs Down in May on Dollar Surge]