Stock Market

Gold prices stabilize after falling to 2-year low – News Opener

Gold prices were roughly flat Friday ahead of the U.S. jobs report data for June, which is set to be released at 8:30 a.m. on Friday.

Price action
  • Gold futures expiring in August
    GCQ22,
    +0.21%

    were essentially flat at$1,740 per ounce.

  • Silver futures expiring in September
    SIU22,
    -0.30%

    were off 8 cents, or 0.4%, to $19.11 per ounce.

  • Platinum futures expiring in October
    PLV22,
    +0.30%

    were down $1.40, or 0.1%, at $864 per ounce.

  • Palladium futures expiring in September
    PAU22,
    +3.17%

    were up $12.60, or 0.6%, at $2,006 per ounce.

  • Copper futures for September
    HGU22,
    -1.32%

    were down 6 cents, or 1.7%, at $3.51 per pound, trading just north of a 17-month low reached earlier this month.

What analysts are saying

Analysts including AvaTrade’s Naeem Aslam say market action in gold is in a holding pattern ahead of the Friday morning jobs report.

Some pointed out that the yellow metal appears to be consolidating after falling to its lowest level in two years.

As Marc Chandler, chief market strategist at Bannockburn Global Forex, said in a note to clients, “gold is consolidating near its lows, having fallen by more than 4% this week, its fourth consecutive weekly drop and the most in a year.”

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