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US Nonfarm Payrolls Make Gold End Week with Huge Losses

July 5, 2013 at 23:08 by Vladimir Vyun

Gold slumped on the last trading session of this week. The reason was obvious: US nonfarm payrolls. They came out much better than was expected, adding to speculations that the Federal Reserve will trim its stimulus program this year. As a result, the dollar climbed to the highest level in three years, while gold prices sank.

US employers added 195,000 jobs in June, beating the forecast of 163,000. Moreover, the May’s increase was revised to 195,000 up from 175,000. A disappointing part of the report was the unemployment rate, which stayed unchanged even though it was expected to fall a little.

August futures for delivery of gold tumbled $39.20 (3.13 percent) to close at $1,212.70 per troy ounce on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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