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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