CHICAGO, July 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell more than one percent on Friday, as a stronger-than-expected U.S. jobs report lifted the dollar.
The most active gold contract for August delivery went down 20.80 U.S. dollars, or 1.46 percent, to settle at 1,400.10 dollars per ounce.
The U.S. Bureau of Labor Statistics reported on Friday that U.S. employers added 224,000 jobs in June, higher than 165,000 estimated by many economists. Notable job gains occurred in professional and business services, in health care, and in transportation and warehousing.
Meanwhile, the unemployment rate was little changed at 3.7 percent.
The stronger-than-expected job data, to some degree, dulled expectations for interest rate cuts by the Federal Reserve and in turn strengthened the U.S. dollar, said market analysts.
The U.S. dollar index, a gauge of the greenback against a basket of of other major currencies, rose 0.56 percent to 97.31 shortly before Friday's settlement of gold futures.
Gold and the dollar typically move in opposite directions. When the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors holding other currencies.
As for other precious metals, silver for September delivery was down 33.5 cents, or 2.18 percent to close at 15.001 dollars per ounce. Platinum for October delivery was down 32.20 dollars, or 3.82 percent, to settle at 811.40 dollars per ounce. Enditem
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