GLDM - Gold scores best daily gain in a month as U.S. jobs data misses estimates

2023-07-07 17:15:58 ET

Gold futures rose Friday by their largest daily percentage gain in a month after a weaker than expected increase in U.S. non-farm payrolls for June cast doubt on the trajectory of interest rate hikes.

U.S. government data showed 209K new jobs were created in June, the smallest increase in more than two-and-a-half years and below the 240K analyst consensus estimate.

U.S. Treasury yields pulled back from three-month highs, while the dollar fell to a more than two-week low after the data.

Front-month Comex gold ( XAUUSD:CUR ) for July delivery closed +0.9% to $1,926.20/oz, the highest settlement since June 21 and enough to nudge the metal into positive territory for the week, +0.2% .

Meanwhile, front-month Comex July silver ( XAGUSD:CUR ) ended +1.8% for the day and +1.2% for the week to $23.092/oz.

ETFs: ( NYSEARCA: GLD ), ( GDX ), ( GDXJ ), ( NYSEARCA: IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( BAR ), ( OUNZ ), ( SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ), ( SLVP )

Gold prices had slumped Thursday to their lowest level since March following the ADP survey of private sector U.S. employment, which showed nearly 500K new jobs were created in June, suggesting the economy was strong enough to warrant another interest rate hike by the Federal Reserve.

More analysis on gold:

• GLD: It's Time To Be Fully Invested Again
• GDX: Crash Risks Rising As Cash Crunch Intensifies
• Forget The Fed And Load Up The Truck With Gold

For further details see: