Gold ETFs Muscle Up as April Jobs Report Disappoints

Related: 31 Gold ETFs Investors Should Size Up 

With the weak jobs report pushing down the odds the Fed will hike rates next month to 4% from 10% on Thursday and 75% at the start of the year based on Fed-fund futures data, gold has extended its rally.

“The jobs number was a devastating blow to the people who believe that a June rate hike is on the table,” Phil Streible, a senior market strategist at RJO Futures in Chicago, told Bloomberg. “Now the chances have declined significantly, and as a result gold and silver are moving up and should move through their previous highs.”

The iShares Silver Trust ETF (NYSEArca: SLV) was up 0.8% and ETFS Physical Silver Shares ETF (NYSEArca: SIVR) was 1.3% higher Friday as Comex silver futures rose 1.3% to $17.6 per ounce.

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