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3 Jul 2014
Gold hits 1-week low after NFP
FXStreet (Córdoba) - The yellow metal dropped to a 1-week low as another solid nonfarm payrolls reading sent the dollar up across the board.
Gold for August delivery came under pressure and fell to a low of $1309 an ounce after data showed the US economy added 288,000 new jobs in June versus 213,000 expected. Meanwhile the May gain was revised to 224,000 from 217,000 and the unemployment rate fell to a nearly six-year low of 6.1%. Separated data, showed the US trade deficit shrank more than expected in May.
However, the metal managed to bounce from lows and it is currently trading at $1320 an ounce, 0.75% below its opening price.
Gold for August delivery came under pressure and fell to a low of $1309 an ounce after data showed the US economy added 288,000 new jobs in June versus 213,000 expected. Meanwhile the May gain was revised to 224,000 from 217,000 and the unemployment rate fell to a nearly six-year low of 6.1%. Separated data, showed the US trade deficit shrank more than expected in May.
However, the metal managed to bounce from lows and it is currently trading at $1320 an ounce, 0.75% below its opening price.