Solutions For RealSolutions For Real
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Is Fear Triggering Early Social Security Benefit Claims?

July 5, 2025

This $6 Aldi Find Could Save You Hundreds of Dollars

July 5, 2025

These Jobs Can Pay $100 an Hour (or More) Without a Degree

July 5, 2025
Facebook Twitter Instagram
Trending
  • Is Fear Triggering Early Social Security Benefit Claims?
  • This $6 Aldi Find Could Save You Hundreds of Dollars
  • These Jobs Can Pay $100 an Hour (or More) Without a Degree
  • How to Build a Side Hustle That Stands on Its Own — Without Burning Out Ready to take your side hustle to the next level? This article shows you how to turn it into its own unique brand that gets noticed and grows on its own.
  • 101 Small Business Ideas to Match Your Personality, Investment, Skills & Goals
  • Mortgage rates fall for fifth straight week, lowest since mid-April
  • What Seniors Need To Know About Congress’ Big Budget Bill
  • Big, Beautiful, and Baffling: What The Law May Mean for Your Finances
Saturday, July 5
Facebook Twitter Instagram
Solutions For RealSolutions For Real
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
Solutions For RealSolutions For Real
Home » Gold prices settle higher, snapping 3-day drop after July U.S. jobs report shows labor market continues its cooldown
Investing

Gold prices settle higher, snapping 3-day drop after July U.S. jobs report shows labor market continues its cooldown

News RoomBy News RoomAugust 7, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

The most-active gold futures contract settled higher on Friday, snapping its three-day losing streak after the July jobs report showed the U.S. economy gained just 187,000 jobs last month, slightly below the Dow Jones estimate of 200,000 and pointing to a still-solid hiring in the labor market.

Price action

  • Gold futures for December delivery
    GC00,
    -0.29%

    GCZ23,
    -0.29%
    rose $7.30, or 0.4%, to settle at $1,976.10 per ounce on Comex, with prices down nearly 1.2% for the week, according to Dow Jones Market Data.

  • Silver futures for September delivery
    SI00,
    -1.50%

    SIU23,
    -1.50%
    gained 2 cents, or 0.1%, to end at $23.72 per ounce, posting a weekly decline of 3.2%.

  • Palladium futures for September
    PA00,
    -2.26%
    PAU23,
    -2.26%
    advanced $7.20, or 0.6%, to finish at $1,264.60 per ounce, rising 2% for the week, while platinum futures for October
    PL00,
    -0.23%

    PLV23,
    -0.23%
    was up $6.70, or 0.7%, to settle at $928.50 per ounce and booked a weekly decline of 1.6%.

  • Copper futures for September 
    HG00,
    -0.59%

    HGU23,
    -0.59%
    fell by 3 cents, or 0.8%, ending at $3.87 per pound. For the week, the copper lost 1.5%, according to Dow Jones Market Data.

Market drivers

Gold prices settled higher on Friday, reversing the previous three consecutive sessions of losses after the latest report from the Bureau of Labor Statistics showed the U.S. economy gained just 187,000 jobs in July, another indication that the labor market is slowly cooling off and perhaps a welcome sign as the financial markets are still debating whether the Federal Reserve will get interest-rate hikes out of the way by the end of this year.

The unemployment rate, meanwhile, fell to 3.5% in July from 3.6% in the previous month, the government said Friday.

However, wages, a closely watched indicator of how much leverage workers are exerting in the labor market, increased 0.4% in July, stronger than the Fed would like. The increase over the past 12 months was unchanged at 4.4%.

See: U.S. adds 187,000 jobs in July and points to hiring slowdown. But wages still high

“Below consensus job growth, combined with higher average hourly earnings signals that more progress is needed to reduce the jobs-workers gap, slow wage growth, and ultimately lower inflation,” said Candice Tse, global head of strategic advisory solutions at Goldman Sachs. “The Fed has likely ended its most aggressive tightening campaign in generations, with a reasonable path to a soft landing.”

However, there is still “a wide range of possible outcomes,” with risks tilted towards additional hikes should inflation remain sticky, though not her base case, she said in emailed comments on Friday.

The weaker-than-expected U.S. jobs report pushed the U.S. dollar and Treasury yields lower, offering some respite to the yellow metal which slid for three straight sessions, after Fitch Ratings’ decision to cut the U.S. government’s credit rating tumbled the financial markets.

The ICE U.S. Dollar Index
DXY,
a closely watched gauge of the dollar’s value against other major currencies, dropped by 0.6% at 101.93 on Friday afternoon.

Treasury yields pulled back from near 10-month highs with the yield on the 10-year Treasury note
BX:TMUBMUSD10Y
off 12 basis points, at 4.068%, while the yield on the 30-year Treasury bond
BX:TMUBMUSD30Y
declined by 9 basis points, at 4.216% on Friday, according to FactSet data.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

101 Small Business Ideas to Match Your Personality, Investment, Skills & Goals

Investing July 5, 2025

4 Keyword Mistakes That Are Killing Your SEO — and What to Do Instead

Investing July 4, 2025

Mark Zuckerberg Reveals Meta Superintelligence Labs

Investing July 1, 2025

Try This AI-Powered Stock Picker

Investing June 30, 2025

This One Leadership Move Will Transform Your Team’s Loyalty and Performance

Investing June 20, 2025

Meta Plans to Release New Oakley, Prada AI Smart Glasses

Investing June 18, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

This $6 Aldi Find Could Save You Hundreds of Dollars

July 5, 20250 Views

These Jobs Can Pay $100 an Hour (or More) Without a Degree

July 5, 20250 Views

How to Build a Side Hustle That Stands on Its Own — Without Burning Out Ready to take your side hustle to the next level? This article shows you how to turn it into its own unique brand that gets noticed and grows on its own.

July 5, 20250 Views

101 Small Business Ideas to Match Your Personality, Investment, Skills & Goals

July 5, 20250 Views
Don't Miss

Mortgage rates fall for fifth straight week, lowest since mid-April

By News RoomJuly 4, 2025

Mortgage rates fell for the fifth consecutive week to the lowest level since mid-April, mortgage…

What Seniors Need To Know About Congress’ Big Budget Bill

July 4, 2025

Big, Beautiful, and Baffling: What The Law May Mean for Your Finances

July 4, 2025

The 15 Best-Paying Big Cities for Construction Workers in America

July 4, 2025
About Us
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: [email protected]

Our Picks

Is Fear Triggering Early Social Security Benefit Claims?

July 5, 2025

This $6 Aldi Find Could Save You Hundreds of Dollars

July 5, 2025

These Jobs Can Pay $100 an Hour (or More) Without a Degree

July 5, 2025
Most Popular

How To Manage Inherited IRA Rules That Can Surprise And Trap Heirs

January 18, 20251 Views

Is Fear Triggering Early Social Security Benefit Claims?

July 5, 20250 Views

This $6 Aldi Find Could Save You Hundreds of Dollars

July 5, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Solutions For Real. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.