Futures Market News
Gold futures drop more than 1 percent
Jul 06, 2012 11:33 AM
Losses to gold futures on Friday pushed well past 1 percent as the yellowish metal again dropped lower than the milestone price of $1,600 per troy ounce, Reuters reports.
Drawing attention of investors and traders during bullion's losses was the world's reserve currency as they stepped away from the shared currency of the European Union. The U.S.' unemployment rate stayed at 8.2 percent after total job creation for last month amounted to 80,000, falling short of projections. But June's record was higher than the 77,000 jobs created during the month prior.
"I don't anticipate anything that is not well announced from the Fed," one trader told The Wall Street Journal as discussion about the central bank of the U.S. continues growing louder. "They have to do a lot of telegraphing to the market."
At 10:04 a.m. on Friday, gold futures dropped 1.32 percent, a $21.30 fall to $1,588.10 per troy ounce.
The 80,000 new jobs created in June is markedly lower than the 100,000 projected, according to The Wall Street Journal.
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