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MW: Gold trims losses after U.S. jobs data
 
Gold futures fell Thursday, but trimmed losses after data showed the U.S. economy added jobs in June roughly in line with expectations.

Gold for August delivery on Comex GCQ5, -0.41% was down $5.10, or 0.4%, at $1,164.20 an ounce, after trading as low as $1,155.80. September silver SIU5, +0.31% rose 5.3 cents, or 0.3%, to $15.63 an ounce.

Nonfarm payrolls rose 223,000 in June, roughly in line with a forecast for a rise of 225,000, while the unemployment rate fell to 5.3% from 5.5%. Although less than stellar, the data might be viewed by gold buyers as leaving the Federal Reserve on track to begin lifting interest rates later this year, a potential negative for gold.


But losses were tempered by a lack of wage growth, with average hourly pay flat in June. Lackluster wage growth eases upward pressure on inflation.

Gold, though traditionally a haven, has failed to find much support from continued turmoil in Greece as the country prepares for a Sunday bailout referendum.

In other metals trade, October platinum PLV5, -0.27% fell $4.30, or 0.4%, to $1,083.50 an ounce, while September palladium PAU5, -0.40% lost 70 cents, or 0.1%, to $700.50 an ounce.

September copper HGU5, +0.25% rose 1.5 cents, or 0.1%, to $2.632 a pound.



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