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

    were essentially flat at$1,740 per ounce.

  • Silver futures expiring in September

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

  • Platinum futures expiring in October

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

  • Palladium futures expiring in September

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

  • Copper futures for September

    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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