Gold bounced off the day’s lows after the release of US nonfarm payrolls though it was still trading below the opening level. Other precious metals were also down for the day with the exception of silver.
NFP showed growth by 223,000 in June, missing the analysts’ estimate of 231,000. Additionally, wage inflation was close to zero even though economists promised a 0.2 percent increase of average hourly earnings. With unexpected increase of jobless claims and the
It was not a surprise to see the dollar drop after the slew of bad indicators, helping the
August futures for gold were down 0.5 percent to trade at $1,163.40 per troy ounce as of 15:24 GMT on COMEX today after reaching the session low of $1,158.20 earlier. At the same time, September contract for delivery of silver gained 0.21 percent to $15.61 per ounce. Spot price for platinum went down 0.27 percent to $1,079.45 per ounce, and palladium fell 0.1 percent to $696.23 per ounce.
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