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

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

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    Gold Aug 2020 (GCQ20)

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By Myra P. Saefong

GCQ20

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

/zigman2/quotes/210037452/delayed
US : U.S.: Nymex
$ 1,806.20
-14.40 -0.79%
Volume: 254,070
July 9, 2020 2:03p
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