Gold under pressure as risk appetite increases; Dollar index higher with U.S. employment report on tap

Gold under pressure as risk appetite increases; Dollar index higher with U.S. employment report on tap

2 July 2015, 08:32
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Gold prices were weaker in Asia on Thursday after finishing lower in the U.S. session, as risk appetite among investors and traders was higher these days, which is bullish for the stock markets but bearish for safe-haven gold.

The US dollar index was buoyed by positive U.S. data, as well as Greek jitters.

On Thursday, on the Comex division of the New York Mercantile Exchange, gold for August delivery fell 0.13% to $1,167.80 a troy ounce.

Silver for September delivery dipped 0.33% to $15.525 a troy ounce.

Copper for September delivery eased 0.06% to $2.628 a pound.

At the end of the U.S. session, August Comex gold was down $1.70 at $1,170.10 an ounce, while September Comex silver was higher $0.014 at $15.60 an ounce.

The US dollar index has recently been flat at 96.2060.

Traders and investors will now await Thursday morning’s U.S. employment report for June from the Labor Department - released one day early due to the U.S. Independence Day holiday on Friday.

The key non-farm payrolls number of the report is expected to come in at up around 230,000. Some markets could get very active immediately after the release of the report, especially if it’s a big miss on the non-farms number, says Kitco News.

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