Gold Heads for Weekly Drop as Jobs Data Adds to Recovery Signs

Gold market update for Friday, May 10. After a strong rally in late April and early May, gold is set for its first weekly loss since the disastrous plunge in mid-April. Jobless claims in the U.S. fell to their lowest level since before the Great Recession, which is adding to the perception that gold will soften amid an economic recovery. While physical demand has been extraordinarily high in recent weeks, traders and analysts are split on whether this is enough to sustain the market. Platinum and palladium extended gains for a third week in their biggest rally since January. Read more…