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Gold Under Pressure After NFP, Meat Prices Reach Record

July 4, 2014 at 3:31 by Vladimir Vyun

Gold dropped yesterday following better-than-expected US nonfarm payrolls and maintained its losses today. It was expected that payrolls would show a figure in the neighborhood of 214,000 for June, but it turned out that US employers added as much as 288,000 last month. Moreover, the unemployment rate unexpectedly slipped from 6.3 percent to 6.1 percent. The positive data suggests that the Federal Reserve will be able to continue with its cycle of stimulus reductions. Gold futures were down 0.02 percent to $1,320.40 per troy ounce as of 3:23 GMT on COMEX today after falling 0.8 percent yesterday.

Prices for cattle and beef rallied to a record as Americans were preparing for the Fourth of July holiday weekend. Meanwhile, supply was subdued as the US herd was smallest in 63 years. August futures for delivery of cattle rallied as much as 1.8 percent to settle at $1.55 per pound on CME after touching the record $1.55325 intraday. Beef prices reached the all-time high of $2.4865 per pound.

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