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.
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]