{"id":46388,"date":"2013-08-02T13:53:00","date_gmt":"2013-08-02T13:53:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-futures-pare-early-losses-after-tepid-job-data-silver-prices-rise-sharply\/46384\/"},"modified":"2013-08-02T13:53:00","modified_gmt":"2013-08-02T13:53:00","slug":"gold-futures-pare-early-losses-after-tepid-job-data-silver-prices-rise-sharply","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-futures-pare-early-losses-after-tepid-job-data-silver-prices-rise-sharply\/46388\/","title":{"rendered":"Gold Futures Pare Early Losses After Tepid Job Data; Silver Prices Rise Sharply"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> futures pared deep losses to turn nearly flat on Friday after the U.S. Labor Department\u2019s monthly non-farm payrolls report showed that the pace of hiring cooled off in July, which virtually knocks off the possibility of any immediate tapering of the bond purchase program by the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>.\u00a0 Spot gold prices, meanwhile, rallied after the jobs data. <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> prices also rose sharply in trading on Friday.<\/p>\n<p><span id=\"more-46388\"><\/span><\/p>\n<p>At last check, gold futures for December delivery were flat at $1,311 an ounce, while spot gold prices were up 1.9% to $1,282.69 an ounce.<\/p>\n<p>Silver prices were last trading 2% higher at $20 an ounce.<\/p>\n<p>Earlier today, the Labor Department said that the U.S. economy added 162,000 new payrolls falling short of economists\u2019 forecast for 184,000.<\/p>\n<p>The data immediately weighed on the U.S. dollar. The dollar index, a measure on greenback\u2019s performance against a basket of six major traded currencies, fell sharply, making dollar-priced commodities cheaper for traders dealing in currencies other than the U.S. unit.<\/p>\n<p>Commenting over the tepid job report, Douglas Borthwick, managing director, Chapdelaine <a href=\"http:\/\/www.knowfinance.com\/foreign-exchange-market\/\" target=\"_blank\" rel=\"noopener\">Foreign Exchange<\/a> in New York said, \u201cThe U.S. economy remains on a shaky foundation in terms of both GDP and employment. Until the foundation is strengthened, the Fed will be forced to continue its easing bias,\u201d according to Reuters.<\/p>\n<p>Bullion came under heavy sell-off pressure earlier this week after a spate of stronger-than-expected U.S. economic data releases fanned speculation that the Fed might start winding down its bond purchase program by September.<\/p>\n<p>The metal\u2019s inflation hedge appeal will diminish if the Fed decides to scale down its multi-billion dollar asset purchases. In other words, rampant currency printing (quantitative easing) stokes fear of currency debasement which in turn boosts the demand for inflation-hedge assets such as gold.<\/p>\n<p>Meanwhile, holdings of the SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>), the world\u2019s largest gold-backed exchange traded fund, fell 0.7% to 921.05 tons on Thursday, showed a data provided by Reuters.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_popular_placeholder\" data-permalink=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-futures-pare-early-losses-after-tepid-job-data-silver-prices-rise-sharply\/46388\" data-title=\"Gold Futures Pare Early Losses After Tepid Job Data; Silver Prices Rise Sharply\"><\/div>\n<p><script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130806090518js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> <\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-on-a-mixed-note-70\/46420\"><br \/>\nStocks End on a Mixed Note<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-fall-as-the-service-sector-expands-silver-prices-also-slip\/46419\"><br \/>\nGold Prices Fall as the Service Sector Expands; Silver Prices Also Slip<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/u-s-stocks-shed-early-losses-but-still-trade-slightly-lower\/46416\"><br \/>\nU.S. Stocks Shed Early Losses But Still Trade Slightly Lower<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-rebounds-after-ism-data\/46414\"><br \/>\nForex Market Update: Dollar Index Rebounds After ISM Data<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-slip-in-early-trading-12\/46412\"><br \/>\nStocks Slip in Early Trading<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-edge-lower-silver-prices-down-sharply\/46406\"><br \/>\nGold Prices Edge Lower; Silver Prices Down Sharply<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-futures-flat\/46405\"><br \/>\nStocks Futures Flat<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130806090518im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script--><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures pared deep losses to turn nearly flat on Friday after the U.S. Labor Department\u2019s monthly non-farm payrolls report [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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