Gold News

Gold Ends Thurs 1.1% Lower as Stocks Sink on Jobs Data

From Chris Mullen at GoldSeek.com...

Gold fell all the way to $926.45 after the release of Thursday's US jobs report, rebounding into the New York close but still ending with a loss of 1.1% for the day.

The Gold Price in Euros fell to €663 an ounce.

Silver dropped to as low as $13.29 before it also rebounded, but it still ended with a loss of 2.5%.

Platinum lost $7.50 to $1185, and copper fell a few cents to about $2.30.

Gold Mining and silver equities fell over 4% at the open before they rebounded back higher midday, ending with over 3% losses on the day.

Oil fell almost 4% on renewed worries over demand.  It will be a year ago tomorrow that oil set its record closing high at $145.29 a barrel.

The US Dollar index and Treasuries rose on cash-raising and safe-haven buying as worse than expected jobs data report raised worries over the economy and sent the Dow, Nasdaq, and S&P almost 3% lower on the day.

Non-Farm Payrolls fell by 467,000 in June, the Bureau for Labor Studies said, and the Unemployment Rate rose to 9.5%.

The BLS net birth/death adjustment for new small businesses added 185,000 payrolls to June's data.

US markets are now closed until Monday for the Fourth of July holiday and weekend. Next week's US economic highlights include ISM Services on Monday, Consumer Credit on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and Export and Import Prices, the Trade Balance, and Michigan Sentiment on Friday.

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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