Comex gold futures prices are modestly lower in early U.S. trading Friday. A slightly better-than-expected U.S. employment report did have a slightly bearish initial impact on gold and silver. Comex August gold last traded down $12.00 at $1,403.00 an ounce. Spot gold was last quoted down $9.40 at $1,404.75. July Comex silver last traded down $0.337 at $22.40 an ounce.
The U.S. Labor Department on Friday morning reported U.S. non-farm payrolls rose by a slightly higher than expected 175,000 in May. Forecasts called for the non-farm figure to have grown by around 170,000. This particular jobs report held extra significance in the market place, with some calling it the most important U.S. economic report in years. Reason: The May jobs data could have tipped the Federal Reserve’s hand on whether or not to continue, and for long, its quantitative easing of monetary policy. However, the non-farm payrolls number that was close to expectations provided the market place with no compelling evidence to push the Fed one way or the other. So now it’s on to next week’s economic data to be gleaned by market watchers for fresh clues on the direction of U.S. monetary policy.
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