• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

8 “Discount” Insurance Plans That End Up Costing You More

July 29, 2025

Benefit From Strong Brand Awareness with a Moe’s Southwest Grill Franchise

July 28, 2025

Self-Funded Founder’s 3 Secrets for $25M Revenue and 2 Brands

July 28, 2025
Facebook Twitter Instagram
Trending
  • 8 “Discount” Insurance Plans That End Up Costing You More
  • Benefit From Strong Brand Awareness with a Moe’s Southwest Grill Franchise
  • Self-Funded Founder’s 3 Secrets for $25M Revenue and 2 Brands
  • Chipotle Says Candidates Love Its AI Hiring Tool ‘Ava Cado’
  • Nvidia CEO Jensen Huang Says AI Will Create Millionaires
  • Changes In Prior Approval Coming To Traditional Medicare, Medicare Advantage
  • Do You Have the Finances of an Average American?
  • 8 Surprising Household Items You Can Sell for Fast Cash
Tuesday, July 29
Facebook Twitter Instagram
iSafeSpend
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
iSafeSpend
Home » Gold prices settle higher, snapping 3-day drop after July U.S. jobs report shows labor market continues its cooldown
Investing

Gold prices settle higher, snapping 3-day drop after July U.S. jobs report shows labor market continues its cooldown

News RoomBy News RoomAugust 7, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

The most-active gold futures contract settled higher on Friday, snapping its three-day losing streak after the July jobs report showed the U.S. economy gained just 187,000 jobs last month, slightly below the Dow Jones estimate of 200,000 and pointing to a still-solid hiring in the labor market.

Price action

  • Gold futures for December delivery
    GC00,
    -0.29%

    GCZ23,
    -0.29%
    rose $7.30, or 0.4%, to settle at $1,976.10 per ounce on Comex, with prices down nearly 1.2% for the week, according to Dow Jones Market Data.

  • Silver futures for September delivery
    SI00,
    -1.50%

    SIU23,
    -1.50%
    gained 2 cents, or 0.1%, to end at $23.72 per ounce, posting a weekly decline of 3.2%.

  • Palladium futures for September
    PA00,
    -2.26%
    PAU23,
    -2.26%
    advanced $7.20, or 0.6%, to finish at $1,264.60 per ounce, rising 2% for the week, while platinum futures for October
    PL00,
    -0.23%

    PLV23,
    -0.23%
    was up $6.70, or 0.7%, to settle at $928.50 per ounce and booked a weekly decline of 1.6%.

  • Copper futures for September 
    HG00,
    -0.59%

    HGU23,
    -0.59%
    fell by 3 cents, or 0.8%, ending at $3.87 per pound. For the week, the copper lost 1.5%, according to Dow Jones Market Data.

Market drivers

Gold prices settled higher on Friday, reversing the previous three consecutive sessions of losses after the latest report from the Bureau of Labor Statistics showed the U.S. economy gained just 187,000 jobs in July, another indication that the labor market is slowly cooling off and perhaps a welcome sign as the financial markets are still debating whether the Federal Reserve will get interest-rate hikes out of the way by the end of this year.

The unemployment rate, meanwhile, fell to 3.5% in July from 3.6% in the previous month, the government said Friday.

However, wages, a closely watched indicator of how much leverage workers are exerting in the labor market, increased 0.4% in July, stronger than the Fed would like. The increase over the past 12 months was unchanged at 4.4%.

See: U.S. adds 187,000 jobs in July and points to hiring slowdown. But wages still high

“Below consensus job growth, combined with higher average hourly earnings signals that more progress is needed to reduce the jobs-workers gap, slow wage growth, and ultimately lower inflation,” said Candice Tse, global head of strategic advisory solutions at Goldman Sachs. “The Fed has likely ended its most aggressive tightening campaign in generations, with a reasonable path to a soft landing.”

However, there is still “a wide range of possible outcomes,” with risks tilted towards additional hikes should inflation remain sticky, though not her base case, she said in emailed comments on Friday.

The weaker-than-expected U.S. jobs report pushed the U.S. dollar and Treasury yields lower, offering some respite to the yellow metal which slid for three straight sessions, after Fitch Ratings’ decision to cut the U.S. government’s credit rating tumbled the financial markets.

The ICE U.S. Dollar Index
DXY,
a closely watched gauge of the dollar’s value against other major currencies, dropped by 0.6% at 101.93 on Friday afternoon.

Treasury yields pulled back from near 10-month highs with the yield on the 10-year Treasury note
BX:TMUBMUSD10Y
off 12 basis points, at 4.068%, while the yield on the 30-year Treasury bond
BX:TMUBMUSD30Y
declined by 9 basis points, at 4.216% on Friday, according to FactSet data.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Self-Funded Founder’s 3 Secrets for $25M Revenue and 2 Brands

Investing July 28, 2025

How the Next Generation of Entrepreneurs Is Outpacing Us — and Why

Investing July 27, 2025

Why I Almost Always Choose Referrals When Hiring — And You Should Too

Investing July 26, 2025

How to Earn Customer Trust and Boost Sales Without Big Ad Budgets

Investing July 25, 2025

Ready to Get Off the Social Media Hamster Wheel? Discover the Platform That Actually Boosts Your Discoverability

Investing July 24, 2025

Good Luck Trying to Buy a Home Right Now

Investing July 23, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Benefit From Strong Brand Awareness with a Moe’s Southwest Grill Franchise

July 28, 20250 Views

Self-Funded Founder’s 3 Secrets for $25M Revenue and 2 Brands

July 28, 20250 Views

Chipotle Says Candidates Love Its AI Hiring Tool ‘Ava Cado’

July 28, 20250 Views

Nvidia CEO Jensen Huang Says AI Will Create Millionaires

July 28, 20250 Views
Don't Miss

Changes In Prior Approval Coming To Traditional Medicare, Medicare Advantage

By News RoomJuly 28, 2025

There were two major announcements recently regarding prior approval of treatments and services for Medicare…

Do You Have the Finances of an Average American?

July 28, 2025

8 Surprising Household Items You Can Sell for Fast Cash

July 28, 2025

This Mindset Can Protect Your Business From Costly Mistakes

July 27, 2025
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: support@isafespend.com

Our Picks

8 “Discount” Insurance Plans That End Up Costing You More

July 29, 2025

Benefit From Strong Brand Awareness with a Moe’s Southwest Grill Franchise

July 28, 2025

Self-Funded Founder’s 3 Secrets for $25M Revenue and 2 Brands

July 28, 2025
Most Popular

Why Make Year-End Charitable Donations?

August 6, 20235 Views

More than half of Gen Xers stopped saving for retirement, here’s why: Survey

August 5, 20233 Views

8 “Discount” Insurance Plans That End Up Costing You More

July 29, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 iSafeSpend. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.