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MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: August 10 – 14

MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: August 10 – 14

Gold futures reversed losses to end Friday’s session mildly higher as traders continued to mull the timing of a Federal Reserve rate hike following the release of solid U.S. nonfarm payrolls data. The Labor Department reported that the U.S. economy added 215,000 jobs last month, slightly lower than forecasts for an increase of 223,000, but still consistent with strong employment growth. The unemployment rate remained unchanged at a seven-year low of 5.3%, in line with expectations. Hourly earnings, a component of the jobs report that the Federal Reserve has said must rise, ticked up 0.2%, also matching forecasts after stalling in the previous month. The data did little to alter expectations for a September rate increase by the Federal Reserve, but it tempered speculation for multiple rate hikes before the end of the year. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, eased to 97.66, after touching three-month highs of 98.42 earlier. The index ended the week with gains of 0.18%. The greenback has been boosted recently by expectations that the improving U.S. economy will prompt the Federal Reserve to raise short term interest rates as early as September. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange hit an intraday low of $1,081.40 a troy ounce on Friday before recovering to end the session at $1,094.10, up $4.00, or 0.37%, for the day.
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