July 1, 2022, 1:40 p.m. EDT

Gold pares losses after a dip below the key $1,800 mark; silver settles at a 2-year low

Gold futures pared much of their losses by Friday’s settlement, after a dip below the key $1,800-an-ounce mark, while worries that a recession would hurt demand for industrial metals pulled silver prices to their lowest in about two years. Gold moved up from the session lows after the 10-year Treasury yield extended declines following a soft ISM manufacturing report that "suggested the labor market is cooling," said Edward Moya, senior market analyst at OANDA. August gold declined $5.80, or 0.3%, to settle at $1,801.50 an ounce, marking the lowest most-active contract settlement since February, FactSet data show. Prices touched an intraday low of $1,783.40. September silver (NYM:SIU22) fell 68 cents, or 3.4%, to settle at $19.667 an ounce, the lowest finish since July 2020.

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