Gold slips after report shows stronger hiring

File photo of gold bars and coins. (Mario Tama, Getty Images)
File photo of gold bars and coins. (Mario Tama, Getty Images)
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Updated: 7/03 3:53 pm

Gold prices sank Thursday following news that U.S. employers stepped up hiring last month.

Gold for August delivery fell $10.30 to settle at $1,320.60 an ounce. Silver dropped 17 cents to $21.14 an ounce.

The Labor Department said employers added 288,000 workers to their payrolls last month. The news sank gold prices, because higher economic growth leads traders to speculate that the Federal Reserve could raise interest rates sooner than expected. Higher interest rates sap demand for precious metals and lure traders into other investments.

In other trading, copper for September climbed 1 cent to settle at $3.28 a pound on Thursday. That's the highest price for the red metal since February 21, according to FactSet.

Crop futures were mixed. Crude oil fell.

 

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