Gold futures on the COMEX Division of the New York Mercantile Exchange declined slightly for the third session on Friday as unexpected jobless data boosted dollar to rise sharply, much reducing gold's appeal of safe-haven. Silver and platinum both ended a little higher.
Gold price for December delivery fell 3.40 U.S. dollars, or 0.4percent, to finish at 959.50 dollars an ounce.
The Labor Department said that non-farm payroll employment fell by 247,000 in July following a revised decline of 443,000 in June. The unemployment rate for July unexpectedly declined to 9.4 percent from 9.5 percent in June. Analysts had expected joblessness to grow to 9.6 percent and this is the first decline in 15 months.
Analysts indicated the bullish jobless data provided a strong signal of the beginning of a faster-than-expected economic recovery.
Buoyed by the jobs report, dollar jumped sharply with the rate against euro climbing more than 2 cents to 1.4193 dollars from the intraday low of 1.4413 by the end of gold floor trading time. The dollar index, a gauge measuring the greenback's value against other six main currencies, rose 0.931 point, or 1.2 percent, to 78.876.
Encouraging prospects of the U.S. economy and a stronger dollar both put some pressure on gold as the precious metal's appeal of hedge and safe-haven were reduced.
September silver finished at 14.668 dollars per ounce, up 2.3 cents. October platinum fell 5.10 dollars to 1268.50 dollars an ounce.
Gold price for December delivery fell 3.40 U.S. dollars, or 0.4percent, to finish at 959.50 dollars an ounce.
The Labor Department said that non-farm payroll employment fell by 247,000 in July following a revised decline of 443,000 in June. The unemployment rate for July unexpectedly declined to 9.4 percent from 9.5 percent in June. Analysts had expected joblessness to grow to 9.6 percent and this is the first decline in 15 months.
Analysts indicated the bullish jobless data provided a strong signal of the beginning of a faster-than-expected economic recovery.
Buoyed by the jobs report, dollar jumped sharply with the rate against euro climbing more than 2 cents to 1.4193 dollars from the intraday low of 1.4413 by the end of gold floor trading time. The dollar index, a gauge measuring the greenback's value against other six main currencies, rose 0.931 point, or 1.2 percent, to 78.876.
Encouraging prospects of the U.S. economy and a stronger dollar both put some pressure on gold as the precious metal's appeal of hedge and safe-haven were reduced.
September silver finished at 14.668 dollars per ounce, up 2.3 cents. October platinum fell 5.10 dollars to 1268.50 dollars an ounce.
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