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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

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By Myra P. Saefong

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 /zigman2/quotes/221438596/delayed GCQ22 +0.31% 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 /zigman2/quotes/222214092/delayed SIU22 -0.11% fell 68 cents, or 3.4%, to settle at $19.667 an ounce, the lowest finish since July 2020.

US : U.S.: Nymex
$ 1,792.40
+5.60 +0.31%
Volume: 249.00
Aug. 9, 2022 2:36p
US : U.S.: Nymex
$ 20.46
-0.02 -0.11%
Volume: 1,761
Aug. 9, 2022 9:20p

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