Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Commodities  >  Silver       XAGUSD

SILVER
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Gold Sinks Despite Trade Tariffs

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/06/2018 | 03:34pm CEST

By Amrith Ramkumar and Ben St. Clair

Gold prices were slightly lower Friday after the latest jobs report showed the economy added more jobs than expected last month, while the unemployment rate edged slightly higher.

Gold for August delivery was down 0.2% on the Comex division of the New York Mercantile Exchange. Prices have edged higher since hitting a 2018 low earlier this week, though some analysts expect them to stay around their current levels with economic growth in the U.S. strong.

Friday's report showed the unemployment rate ticked up in June from an 18-year low, but steady hiring and an increased number of job seekers suggest a strong labor market drew in Americans from the sidelines. It was the latest steady reading on the U.S. economy that could dent demand for gold.

Some investors use gold to hedge against a pickup in inflation and downturn in stocks and other markets, but Friday's report is unlikely to change expectations for a rise in consumer prices and higher rates, said John Caruso, senior market strategist at RJO Futures.

"It's not really going to move the needle," he said. "We've already started to see the rest of the world diverge from the U.S."

Growth momentum shifting to the U.S. has pushed the dollar to its highest level of the year, hurting gold and other commodities by making them more expensive for overseas buyers. On Friday, the WSJ Dollar Index, which tracks the U.S. currency against a basket of 16 others, was down 0.3%.

Analysts say the prospect of higher interest rates has also hurt gold by making Treasury yields more attractive to investors than the yellow metal. On Thursday, minutes from the Federal Reserve's last meeting showed the central bank plans to continue gradually raising rates to keep the economy from overheating.

Write to Amrith Ramkumar at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.70% 1232 Delayed Quote.-6.08%
SILVER 1.15% 15.495 Delayed Quote.-9.45%
US DOLLAR INDEX -0.73% 94.46 End-of-day quote.2.83%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SILVER
07/19Copper Falls to Year 2018 Low on Renewed Trade Jitters -- Update
DJ
07/19Copper Falls to Year Low on Renewed Trade Jitters -- Update
DJ
07/19Metals Plunge on Renewed Trade Jitters
DJ
07/19Rio Tinto PLC Statement re Oyu Tolgoi EPC Tender
DJ
07/18Stronger Dollar Hurts Copper -- Update
DJ
07/17Rio Tinto Benefits From High Prices for Premium Ore -- Commodity Comment
DJ
07/16Rio Tinto Ships More Iron Ore -- Update
DJ
07/16Rio Tinto 1st Half Iron-ore Shipments Rise
DJ
07/12Glencore Panel to Study Subpoena -- WSJ
DJ
07/12Rio Tinto Confident Trade Jolts Won't Rub Shine Off Rare Diamonds
DJ
More news
Chart SILVER
Duration : Period :
Silver Technical Analysis Chart | XAGUSD | 4-Traders
Technical analysis trends SILVER
Short TermMid-TermLong Term
TrendsBearishBearishBearish