Gold futures snap three-day losing streak

Precious metal posts a weekly loss of 0.7%

Bullion prices ended mixed once again on Friday, 01 August 2014 at Comex. Gold futures snapped a three-day losing streak as the U.S. dollar lost ground after data showed the economy added fewer jobs than expected in July.

August gold futures rose $12.30, or 1%, to settle at $1,293.60 an ounce. But the precious metal posted a weekly loss of 0.7%, falling for a third week.

September silver fell 4 cents, or 0.2%, to $20.37.

As per the Labor Department, the U.S. economy added 209,000 jobs in July, marking the sixth straight month of 200,000-plus gains for the first time since 1997, but coming in below the consensus forecast for again of 235,000. The unemployment rate edged up to 6.2% from 6.1%.

The dollar weakened versus major rivals in the wake of the data. Commodities priced in dollars are sensitive to movements in the currency. A stronger dollar can weigh on gold by making it more expensive to users of other currencies, while a weaker dollar can lift the commodity.

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