Skip to content
Subscriber Only

Gold, Silver Tumble Most in Seven Weeks on Stimulus Bets

Gold and silver futures tumbled the most in seven weeks after employment in the U.S. increased more than forecast in May, boosting concern that the Federal Reserve may scale back monetary stimulus.

Payrolls rose 175,000 after a revised 149,000 increase in April that was smaller than estimated, Labor Department data showed today. The median forecast in a Bloomberg survey called for a 163,000 gain. Gold has dropped 17 percent this year, entering a bear market in April as economic optimism increased speculation that the Fed may slow its $85 billion of monthly debt purchases.