(Kitco News) - Gold and silver prices have fallen below unchanged levels on the day near midday Friday. Gold is seeing profit taking by shorter-term futures traders and weak long liquidation in the futures market heading into an uncertain weekend.
Gold prices were up sharply earlier today, 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 late this week 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 to multi-month lows.
Adding to the precious-metals-bullish cocktail late this week has been safe-haven demand for gold and silver amid heightened Middle East tensions. Don’t be surprised to see gold prices at least challenge the record highs in the near term.
Still, the spooked marketplace to end the trading week is prompting many gold and silver futures bulls to take their money off the table heading into the weekend.
December gold was last down $14.60 at $2,466.20.
