Investing.com - Gold futures edged higher on Friday, but gains
were expected to remain limited as Thursday's upbeat U.S.
employment data continued to lend support to the U.S. dollar.
On the Comex division of the New York Mercantile Exchange, gold
for August delivery traded at $1,321.80 a troy ounce during
European afternoon trade, up 0.09%.
The August contract settled 0.77% lower on Thursday to end at
$1,320.6 a troy ounce.
Gold futures were likely to find support at $1,309.40 an ounce,
Thursday's low and resistance at $1,333.20, the high from July
On Thursday, the U.S. Department of Labor said non-farm payrolls
rose by 288,000 last month, easily surpassing expectations for an
increase of 212,000. The previous month's figure was revised up to
a gain of 224,000 from a previously reported increase of
The unemployment rate ticked down to a four-and-a-half year low
of 6.1% from 6.3% in May. Analysts had expected the jobless rate to
hold steady at 6.3% last month.
The upbeat jobs report fuelled optimism over the strength of the
labor market and bolstered the outlook for the broader economic
Separately, the Institute of Supply Management said its
non-manufacturing purchasing manager's index fell to 56.0 last
month from a reading of 56.3 in May. Analysts had expected the
index to hold steady at 56.3 in June.
Trading volumes were expected to remain thin on Friday, as U.S.
markets were to remain closed for the fourth of July holiday.
Elsewhere on the Comex, silver for September delivery inched
rose 0.24% to trade at $21.188 a troy ounce, while copper for
September delivery slid 0.38% to trade at $3.268 a pound.
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