by Gerardo Del Real
Precious metals got a needed bump late last week after the new Labor Department report showed just 160,000 new jobs in April. The number was less than expected, adding the fewest jobs in seven months.
The report immediately sent gold $10 higher to the $1,290 range and silver back up in the $17.50 range on Friday.
Still, gold barely managed a 0.1% gain for the week while the dollar index held a small gain — 0.5% during the same period. Silver was down a little over 2% for the week despite rallying nearly 1% on Friday.
Copper dropped to the lowest in two weeks near $2.18/lb. on continued fears of oversupply and softer than expected demand from China.