Gold, Silver Prices Ease Lower
Source: Kitco, Jim Wyckoff (7/8/11)
"Gold and silver prices are slightly lower as the U.S. awaits the release of the employment report.
Comex gold and silver futures prices are trading slightly lower in quieter dealings Friday morning, on some mild profit-taking and as traders await the release of the important U.S. employment report. August gold last traded down $1.50 at $1,529.10 an ounce. Spot gold last traded down $4.00 an ounce at $1,529.25. December Comex silver last traded down $0.213 at $36.34 an ounce.
The marketplace is awaiting the release of the June U.S. employment report. The expectation is that non-farm payrolls rose by around 125,000 during June. A figure close to that expectation should be a bit bearish for the safe-haven precious metals, as it would suggest a healthier U.S. economy and would likely increase investor risk appetite. However, a weaker-than-expected non-farm jobs number would likely be a bit bullish for gold and silver.
Good physical demand for gold continues to underpin the market.
The ongoing European Union sovereign debt crisis also remains a bullish factor for the precious metals markets, on safe-haven demand due to the uncertainty of the issue.