New York gold futures ended positive on Friday (July 8) after falling to their lowest level in more than nine months and helped by a weakening dollar.
The COMEX (Commodity Exchange) gold contract will be delivered in August. It was up $2.6, or 0.15%, at $1,742.3/ounce. But in this week Gold futures continued to fall 3.3 percent, the fourth straight week of declines as the dollar strengthened the gold futures.
Silver metal contract delivered in September It was up 4.8 cents, or 0.25%, at $19.236 an ounce.
Platinum contract delivered in Oct. Up $17 or 1.96% to close at $882.8/ounce.
Palladium contract delivered in September It rose $163.20, or 8.2%, to close at $2,156.60 an ounce.
Gold contracts rebounded on Friday. After falling initially under pressure from strong US employment data disclosures.
The US Department of Labor said on Friday that Non-farm payrolls rose 372,000 in June. That beat analyst expectations of 250,000 jobs, while the unemployment rate held steady at 3.6%, in line with analysts’ forecasts. and the average hourly wage of workers increased by 0.3%.
Gold contracts were driven by the dollar’s depreciation. The dollar index, which measures the dollar’s movements against six major currencies in a basket of currencies, fell 0.11% to 107.0080 on Friday.
A weakening of the dollar will cause the gold contract, which is priced in that dollar. It is cheaper and more attractive to investors holding other currencies.
Investors will keep an eye on the release of US Consumer Price Index (CPI) and Producer Price Index (PPI) data next week. which indicates US inflation.
