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Gold off daily highs but holding gains amid weak U.S. data, downdraft in U.S. equities

Kitco Media
By Jim Wyckoff
Published
Updated
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Gold off daily highs but holding gains amid weak U.S. data, downdraft in U.S. equities teaser image

(Kitco News) - Gold prices are up but off their daily highs in late-morning U.S. dealings Friday. Gold and silver are supported by this week’s downbeat U.S. economic data, highlighted by this morning’s weaker-than-expected U.S. jobs report for July. Non-farm payrolls rose less than expected, the unemployment rate up-ticked and wage inflation was less than expected. The U.S. stock indexes have sold off strongly and are trading at multi-week lows, the U.S. dollar index has tanked and hit a 4.5-month low, while U.S. Treasury yields have droppped. Adding to the precious-metals-bullish cocktail late this week is safe-haven demand for gold and silver amid heightened Middle East tensions headling into the weekend. Don’t be surprised to see gold hit new record highs in the near term. And silver will likely be pulled along for the ride. December gold was last up $13.10 at $2,495.40.

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Kitco Media

Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

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goldsilverDollarU.S. jobs reportU.S. Treasury yieldsU.S. dollar indexU.S. economic data

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.