Ammon News - Gold prices slipped more than 1% on Friday after a stronger-than-expected U.S. jobs report dampened hopes for imminent Federal Reserve rate cuts this year, while silver soared to its highest level since 2012.

Spot gold fell 1.1% to $3,316.13 an ounce, as of 02:28 p.m. ET (1828 GMT), but rose 0.8% for the week so far.

U.S. gold futures settled 0.8% lower at $3,346.60.

Spot silver fell 0.5% to $35.96, after hitting a more than 13-year high earlier.

Gains in silver "look like were driven by speculative flows seeing it is way too cheap versus gold, the break above the $35/oz mark amplified the move," said Giovanni Staunovo, UBS analyst.

Platinum rose 2.5% to $1,158.20, highest since March 2022, while palladium was up 3.9% to $1,045.45. Both the metals were on track for weekly gains. Reuters