Gold Futures Declines As The U.S.Nonfarm Payrolls Fall Short

Gold Futures Declines As The U.S.Nonfarm Payrolls Fall Short

Prices of gold futures fell on Thursday as data showed the US economy added fewer jobs than expected in June, reflecting a slower growth rate, mild prospects for higher interest rates more.

On the Comex in New York, Gold futures for August delivery fell 0.7 percent to $1,161.10 an ounce.

The U.S. economy added 223,000 jobs in June, compared to expectations for jobs growth of 230,000, a Labor Department report showed Thursday in Washington. The May figure was downwardly revised to 254,000 from 262,000 previously. The jobless rate ticked down to 5.3% last month from 5.5% in June. Economists were expecting the unemployment rate decreased to 5.4%.

The Fed has said that continued strengthening in the labor market is a key factor in the decision on when begin to raise interest rates.

A separate report showing the number of US workers filing new initial for unemployment benefits last week by 10,000 to 281,000 from 271,000 increased in the previous week. Economists were expecting unemployment claims mark up to 270,000.

The Indian rupee ended at 63.51 versus the US dollar, up 0.15% from its previous close of 63.61.

Analysts said, largely in line with a weak trend overseas, gold for delivery in August contract was trading lower by Rs 46, or 0.17%, at Rs 26,365 per 10 grams at Multi Commodity Exchange.

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