Gold futures rebounded on Friday’s trading session on positive development in US economy and expectations of interest rate hike by US Federal Reserve. According to the latest data job in United States substantially increased in month of March as compared to last six months.

The US Labor Department reported that private jobs in America increased by 216,000 in month of March which surpassed expectations on wide.

Gold futures contract for June delivery declined 0.8 percent or $11 to $1,428.90 per ounce on Friday’s Comex trading session of New York Mercantile Exchange. The contract stood at $1,439.90 on Thursday’s session.

In the latest news president of New York’s Federal Reserve Bank William Dudley gave hawkish comments supporting interest rate hike which is regarded as the main reason behind the correction in base metal.

Gold reached its record high in the last week due to uncertainty created over political turmoil and riots in North Africa and Middle East. However the positive economic development in United States made the safe haven status metal to lose on Friday. All the metals reported decrease except palladium.

Silver future contract for May delivery declined 0.4 percent or $0.16 to $37.73 per ounce however the contract was up by 1.8 percent for the week. Copper future contract for May delivery dropped 1.1 percent or $0.05 to $4.26 per pound on Friday while for the week the contract decreased by 3.6 percent.

Platinum future contract for July delivery slipped 0.4 percent or $6.30 to $1,776.90 per ounce whereas the contract surged by 1.8 percent for the week. Palladium future contract for June delivery on other hand soared 0.9 percent or $7.15 to $775.05 per ounce on Friday. Palladium future contract advanced 3.38 percent for the whole week.