Data from US and China will be the main driver of metals prices this week

Gold prices retreated from a nine-week high on Friday, as the U.S. dollar strengthened after data showed the U.S. economy created much more jobs than expected in December.

The Labor Department reported that the U.S. economy added 292,000 jobs last month, after increasing an upwardly revised 252,000 in November. Economists had forecast payrolls to rise by 200,000.

Despite Friday’s losses, gold prices still gained $34.40, or 3.54%, on the week, as safe-haven demand was boosted amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions.

Сilver futures for March delivery dropped 42.6 cents, or 2.97%, on Friday to settle at $13.91 a troy ounce. On the week, silver futures inched up 10.3 cents, or 0.83%.

Elsewhere in metals trading, copper for March delivery dipped 0.6 cents, or 0.28%, to settle the week at $2.022 a pound on Friday.

In the week ahead, investors will continue to focus on economic reports out of China, with Wednesday’s trade data in the spotlight.

Meanwhile, the U.S. is to release data on retail sales, producer prices and consumer sentiment as market players look for further indications on the strength of the economy and the future path of rate hikes.

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