Commodity prices took a hit last week, led by oil, gold, copper, and sliver.
Comex gold prices fell on Friday, dragging prices lower for the week, as the better-than-expected rise in June US jobs cut market expectations for interest-rate cuts from the Fed and helped boost the US dollar to two-week highs.
The US added 224,000 new jobs in June. That easily beat the 160-70,000 forecast from the market. The jobless rate rose to 3.7% from 3.6% and wages grew by an unchanged 3.1%.
That saw Comex August gold futures slump $US20.80, or 1.5%, to settle at $US1,400.10 an ounce, after settling at $US1,420.90 an ounce on Wednesday, the highest for a most-active contract since May 14, 2013, according to FactSet, the US financial data company.
Friday’s loss saw the metal end the week down 1%, snapping two weeks of gains.
Also contributing to weakness in gold prices, news reports said India will boost its import duties on gold by 2.5% to 12.5% as the central government searches for new revenues.
That will reduce gold demand in India this quarter, and could put downward pressure on gold prices, as could the weak monsoon in India which will reduce income in rural areas where gold demand is usually strong.
Elsewhere on Comex, September silver futures lost 33.5 cents, or 2.2%, to $US15.001 an ounce, for a 2.2% weekly slide.
Comex September copper fell 0.8% on Friday to settle at $US2.661 a pound, —for a weekly loss of 1.9%.
October platinum lost 3.8% to $US811.40 an ounce, down 3.5% lower for the week, while September palladium eased 0.1% to $US1,564.20 an ounce, still up 1.7% for the week.
On Wednesday, most-active palladium futures ended at their highest Comex settlement on record.
