New York Gold Futures End Down 0.8% as US Dollar Gains Strength; TSX Bullion Stocks Mostly Weaker
Gold for August delivery on the Comex division of the New York Mercantile Exchange closed down $12.40, or 0.8%, at US$1,609.40 an ounce. Volumes were light, as traders mostly chose to wait until Friday's key U.S. payrolls report before taking positions.
Gold was also undermined today by a stronger U.S. dollar against major currencies. Even though the European Central Bank's move to cut interest rates was widely expected, it did put some pressure on the euro and hurt sentiment in the bullion pit.
TSX precious metals stocks largely went along for the ride. Barrick (ABX.TO) is currently down 0.7% at $38.58 and Kinross is down 2.7% at $8.89.
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