Investor Alert

New York Markets Close in:

Market Pulse Archives

June 5, 2020, 1:50 p.m. EDT

Gold futures end at lowest in 2 months, down nearly 4% for the week

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Gold Aug 2020 (GCQ20)

or Cancel Already have a watchlist? Log In

By Myra P. Saefong


Gold futures were sharply lower Friday, settling at their lowest in two months and losing nearly 4% for the week. A surprise monthly climb in U.S. jobs and a drop in the nation's unemployment rate led to a rally in the stock market, dulling demand for haven gold. "Given how this surprisingly strong jobs report may lower the chances of the Federal Reserve taking action, this does not bode too well for zero-yielding gold," said Lukman Otunuga, senior research analyst at FXTM. "If the dollar ends up appreciating on the absence of looser monetary policy and improving macroeconomic conditions in the United States, gold may weaken further." August gold /zigman2/quotes/210037452/delayed GCQ20 -0.79% lost $44.40, or 2.6%, to settle at $1,683 an ounce. That was the lowest finish for a most-active contract since April 3. For the week, prices lost 3.9%, according to FactSet data.

Read the full story:
Gold drops to a 2-month low, down nearly 4% for the week, after upbeat U.S. jobs data

US : U.S.: Nymex
$ 1,806.20
-14.40 -0.79%
Volume: 254,070
July 9, 2020 2:03p

Get news alerts on Gold Aug 2020 — or create your own.
This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.