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Gold His 4-Week Highs After Lousy Jobs Report

The dollar.DXY was firmer against a basket of currencies.The ADP National Employment Report showed private payrolls increased by 253,000 jobs last month, beating economists' expectations for a gain of 185,000 jobs.

The report said non-farm payroll employment rose by 138,000 jobs in May after climbing by a downwardly revised 174,000 jobs in April.

The U.S. labor market gave mixed signals in May, with a decline in the unemployment rate to a 16-year low contrasting with below-forecast hiring and wage growth, Labor Department figures showed Friday. If there's a developing shortage of labor that makes it harder for employers to fill vacancies, that would mean slower payroll gains, along with a declining unemployment rate and faster wage growth, according to Ward McCarthy, chief financial economist at Jefferies LLC in NY.

In a third report on Thursday, the Labor Department said initial claims for state unemployment benefits jumped 13,000 to a seasonally adjusted 248,000 for the week ended May 27.

Against the yen JPY=, the dollar fell to two week lows and last changed hands at 110.44 yen, down 0.8 percent.

According to a Reuters survey of economists, payrolls likely increased by 185,000 jobs in May.

That helped the dollar recover in the foreign exchange market, although traders also said concerns about U.S. politics could be capping its gains.

A stronger dollar and broadly buoyant global stock markets dented appetite for safe-haven gold, which hit its lowest levels in a week. March nonfarm payroll growth came down to 50,000 from 79.000. They also forecast wage growth hovering around 2.6% - a slightly better rate of growth compared to recent years, even though it's still considered sluggish.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked up 0.1 percent, while Japan's Nikkei .N225 gained 1 percent to top the psychologically important 20,000-point level for the first time since August 2015. Both later trimmed gains closed the day higher.

Global benchmark Brent crude futures fell to $49.63 a barrel, while U.S. West Texas Intermediate crude by more than a dollar to $47.36 per barrel.

For metropolitan areas in April, the agency says Ames, Iowa, and Boulder, Colo., had the lowest unemployment rates, at 1.7 percent and 1.8 percent, respectively.

"Labor shortages are quickly becoming businesses' number one problem, and that problem is only going to get worse", said Zandi, who expects that the government's 4.4 percent unemployment rate could soon fall below 4 percent.

USA companies in May hired more workers than anticipated by a wide margin to rebound from a six-month low in the prior month, while a tightening labor market should point to increasing wage growth.

Check out the full rundown on the USA jobs report here.

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