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Gold close lower but tally 6th straight weekly gain

Xinhua, July 9, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Friday as the big U.S. jobs report was much better than expected. However, gold still tallied its sixth weekly advance in a row.

The most active gold contract for August delivery fell 3.70 U.S. dollars, or 0.27 percent, to settle at 1,358.40 dollars per ounce.

For the week, gold climbed up 1.45 percent, booking its sixth weekly gains on Friday, datas collected by Xinhua reported showed.

Gold was put under extensive pressure as a report released on Friday by the U.S. Department of Labor showed the U.S. employment situation rapidly improving, with nonfarm payrolls increasing to 287,000, which analysts noted was far above expectations, representing an increased level of confidence in the employment situation.

The stronger equities also gave further pressure on gold on Friday. U.S. stocks traded more than 1 percent higher in the morning session, while the British FTSE 100 also rose 0.87 percent on Friday. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when equities post gains.

Silver for September delivery rose 26.10 cents, or 1.32 percent, to close at 20.099 dollars per ounce. Platinum for October delivery added 5.1 dollars, or 0.47 percent, to close at 1,100.20 dollars per ounce. Endit