Gold jumps 2% as US jobs data adds to slowdown fears

NEWS SUMMARY: Precious metal prices gave back some of their recent gains Friday despite a weaker dollar. U.S. stocks rose as investors looked beyond record high 14.7% unemployment and bet that the worst had now passed and more stimulus is coming.

CNBC---"Gold prices jumped 2% on Thursday after a string of weak economic data, including surging unemployment in the United States, heightened fears over a coronovirus-induced global downturn, while investors turned their attention to nonfarm payrolls for further cues....'You had high unemployment (numbers) that came out....That's still telling people to maybe look for the safety trade,' said Michael Matousek, head trader at U.S. Global Investors. Millions more Americans sought unemployment benefits last week, suggesting layoffs broadened from consumer-facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen. Another set of data on Thursday showed worker productivity dropped at its fastest pace in more than four years in the first quarter amid the largest drop in hours since 2009. The host of gloomy economic data has bolstered expectations of more stimulus measures from central banks and governments around the world to cushion economic damage from the virus....The outbreak has infected more than 3.71 million people globally, battered global growth and prompted investors to seek safe havens such as gold."