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Gold prices were slightly higher on Friday as traders awaited the release of the U.S. Department of Labor’s June jobs report.
Price action
-
Gold futures for August delivery
GC00,
+0.85% GCQ23,
+0.85%
gained $7.70, or 0.4%, to $1,923 per ounce on Comex. On Thursday, the futures contract settled at its lowest level since March 14, according to Dow Jones Market Data. -
Silver futures for September delivery
SI00,
+0.81% SIU23,
+0.81%
were little changed at $22.86 per ounce. -
Palladium futures for September
PAU23,
+0.69%
fell by $6.40, or 0.5%, to $1,233 per ounce, while October platinum
PLV23,
+1.02%
gained 80 cents, or 0.1%, to $910 per ounce. -
Copper futures for September delivery
HGU23,
+0.86%
gained 2 cents, or 0.6%, to $3.76 per pound.
Market drivers
Gold prices slumped to their lowest level since March on Thursday following the ADP survey of private sector U.S. employment which reported nearly half a million new jobs were created in June, suggesting the economy was strong enough to warrant another interest rate rise by the Federal Reserve in July to combat inflation.
The data roiled markets, sending U.S. stocks sliding while Treasury yields shot to three month highs. The boost to Treasury yields and the dollar helped to weigh on gold.
“Gold came under pressure in the aftermath of yesterday’s ADP report but managed to hold above $1,900 and even recoup some of its losses. It’s trading marginally higher today but whether it will be able to hold onto those gains, and remain above $1,900, will probably depend on what kind of jobs report we get,” said Craig Erlam, senior market analyst at OANDA, in emailed commentary.
On Friday the U.S. Labor Department is expected to report 240,000 new jobs in June, down from 339,000 in the prior month, including private sector and government employment, economists polled by the Wall Street Journal estimate.
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