Gold Futures Market News and Commentary
Dec Comex gold (GCZ20) on Friday closed down by -41.4 (-2.00%), and Sep silver (SIU20) closed down -0.860 (-3.03%).
Precious metals on Friday closed sharply lower as dollar strength and stronger-than-expected economic data sparked long liquidation in metals futures.
Friday's monthly U.S. payroll report showed improvement in the U.S. labor market that boosted the dollar and sparked long-liquidation in precious metals. U.S. July nonfarm payrolls rose +1.763 million, stronger than expectations of +1.480 million. Also, the July unemployment rate fell -0.9 to 10.2%, showing a stronger labor market than expectations of 10.6%.
Global economic data on Friday was bearish for gold but supportive for industrial metals demand and silver prices. German June industrial production rose +8.9% m/m, stronger than expectations of +8.2% m/m, and the largest increase since the data began in 1991. Also, German June exports rose +14.9% m/m, stronger than expectations of +14.4% m/m, an... Read more