Gold traders are likely to remain preoccupied next week with thoughts about when the Federal Reserve might scale back its quantitative-easing program, although the ongoing conflict in Egypt and exchange-traded-fund flows also will be on their collective radar.
Gold has suffered since mid-June when Fed Chairman Ben Bernanke suggested policymakers could start to taper their bond-buying program yet this year if the economy continues to improve. Analysts say that notion was reinforced Friday when the U.S. jobs report for June was stronger than what markets had factored in. Gold fell as the dollar and Treasury yields rose.
Gold and silver were higher for the week until the Labor Department early Friday reported a stronger-than-forecast 195,000 rise in June non-farm payrolls, along with upward revisions for May and April. The market then turned south, with the most-active August futures finishing the week with a loss of $11 to $1,212.70 an ounce on the Comex division of the New York Mercantile Exchange. September silver lost 73.4 cents for the week to $18.736.
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