Gold Tumbles as Dollar and Economy Strengthen
The price of gold tumbled Friday after the government’s June employment report showed companies adding more jobs in the improving economy.
Gold for August delivery fell $39.30, or 3.1 percent, to end at $1,212.70 per ounce. July silver slid by almost 5 percent, losing 96.3 cents at $18.726 per ounce. Copper fell by 9.4 cents, to $3.08 per pound. Platinum gave up $20.40 to $1,324.90 per ounce, and palladium was down $8.15 to $677.55 per ounce.
U.S. employers added 195,000 jobs in June, and many more in April and May than previously thought. Gold and other precious metals become less appealing as safe havens for investors in a stronger economy.
Grains were lower. September wheat fell 5 cents to $6.60 per bushel. Corn dropped 11.5 cents, or 2.3 percent, to $4.9125 per bushel, and soybeans lost 22.5 cents to $12.2825 per bushel.
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