Gold Futures Turn Lower After July Jobs Data

By William L. WattsMarketWatch Pulse

Gold futures turned modestly lower Friday, erasing gains as the dollar rallied in the wake of the July U.S. jobs report. Gold futures for December delivery fell 5.60, or 0.5%, to $1,084.70 an ounce. Gold was up by around $1.20 an ounce ahead of the data. The Labor Department said the U.S. economy added 215,000 jobs in July, a number slightly below the consensus forecast for a rise of 220,000 but not seen as weak enough to derail a potential Federal Reserve rate hike as early as September. The dollar strengthened after the data, weighing on gold and other dollar-denominated commodities.

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