Metals Stocks: Gold prices lower for 4th day as traders await July U.S. jobs report

by | Aug 4, 2023 | Stock Market

Following a three-day losing streak, the most-active gold futures contract was trading marginally lower early Friday as rising Treasury yields and a slightly stronger U.S. dollar continued to put pressure on precious metals prices while traders awaited the release of the July jobs report. Price action
Gold futures for December delivery

fell by $1, or 0.1%, to $1,967.90 per ounce on Comex.

Silver futures for September delivery

fell by 17 cents, or 0.7%, to $23.52 per ounce.

Palladium futures for September
fell by $7.90, or 0.6%, to $1,249 per ounce, while platinum futures for October
declined by $5.20, or 0.6%, to $916 per ounce.

Copper futures for September 
fell by 6 cents, or 1.5%, to $3.84 per pound.

Market drivers Gold prices were modestly lower ahead of the release of jobs figures for July, which economists expected would show the U.S. labor market had continued to expand at a relatively robust pace.

“Gold is on a downward drift as the markets await the latest U.S. jobs figures that should provide more clarity on the health of the world’s largest economy,” said Rupert Rowling, a market analyst for Kinesis Money, in emailed commentary.

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