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Gold Today: Gold Prices Slip after Jobs Data; Silver Prices also Edge Lower

Friday, July 06, 2012 3:38:18 PM
What is the gold price today? Gold prices fell in trading on Friday following a weaker than expected jobs report for the moth of June. Gold prices also came under pressure from a stronger dollar. Meanwhile, silver prices also edged lower in trading on Friday.


Gold for delivery in August on the Comex division of the New York Mercantile Exchange fell $30.50 to settle at $1,578.90 an ounce. Gold fell 1.6% for the week.

The Labor Department on Friday reported that the U.S. economy added only 80,000 jobs last month, below economists’ forecast of a gain of 90,000 jobs. The unemployment rate remained unchanged at 8.2%.

The weaker than expected jobs data has raised prospects of further quantitative easing from the Federal Reserve. Although further monetary easing would be a positive for gold, the precious metal fell on Friday.

Gold prices slipped as the U.S. dollar strengthened against the euro. The dollar index, which tracks the greenback against a basket of six currencies, rose to 83.377 on Friday.

In other precious metals, silver also fell. At last check, silver futures for September delivery were down $0.75 to $26.92 an ounce.

Silver ETFs also dropped on Friday. At last check, the iShares Silver Trust (ETF) (NYSE: SLV) was down 2.31% to $26.26, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 4.70% to $36.92.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL) rose more than 4% on Friday.

Platinum and palladium also dropped in trading on Friday. At last check, October platinum was down 1.9% to $1,449.50 an ounce, while September palladium was down 0.9% to $580.35 an ounce.

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