Gold fell for a third session in a row
Bullion prices once again ended lower at Comex on Thursday, 02 July 2015. Gold futures fell for a third session in a row on Thursday to settle at their lowest level in more than three months. Traders attributed the price decline to expectations that Greece will eventually reach an agreement with creditors, with no lasting ill effects on global financial markets.
Gold for August delivery on Comex fell $5.80, or 0.5%, to settle at $1,163.50 an ounce, after trading as low as $1,155.80. For the holiday-shortened week, prices saw a loss of around 0.8%.
September silver lost 1.5 cents, or 0.1%, to end at $15.562 an ounce, also the lowest since mid-March. It was more than 1% lower on the week.
Gold prices had trimmed some of their earlier losses on the back of weakness in the dollar after data showed the U.S. economy added jobs in June roughly in line with expectations.
US economic data on Thursday showed that nonfarm payrolls rose 223,000 in June, roughly in line with a forecast for a rise of 225,000, while the unemployment rate fell to 5.3% from 5.5%. Although less than stellar, the data might be viewed by gold buyers as leaving the Federal Reserve on track to begin lifting interest rates later this year, a potential negative for gold.
Going into the weekend, volatility is even higher because, regardless of whatever the outcome in Greece will be. Gold, though traditionally a haven, has failed to find much support from continued turmoil in Greece as the country prepares for a Sunday bailout referendum.
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