Metals Stocks: Gold prices slide after U.S. jobs data spurs rise in Treasury yields

United States

Gold prices slipped lower on Friday, extending a losing streak that has brought the precious metal to its weakest level since August 2021.

Price action
  • Gold futures expiring in August GCQ22, -0.13% were down $ 3.80, or 0.3%, at $ 1,736 per ounce.
  • Silver futures expiring in September SIU22, -0.17% were off 8 cents, or 0.4%, to $ 19.11 per ounce.
  • Platinum futures expiring in October PLV22, +0.47% were up slightly at $ 866.
  • Palladium futures expiring in September PAU22, +4.04% were up $ 56, or 2.8%, at $ 2,050 per ounce.
  • Copper futures for September HGU22, -1.05% were down 6 cents, or 1.7%, at $ 3.51 per pound, trading just north of a 17-month low reached earlier this month.
What analysts are saying

Gold and silver prices slipped further as Treasury yields rose after Friday’s June non-farm payrolls data which showed the number of jobs created last month was higher than economists had expected.

See: U.S. creates 372,000 jobs in June. Strong labor market a bulwark against recession

“Gold dipped a bit on the news, but more importantly, U.S. Treasury yields rose. The rising U.S. bond yields late this week suggest the marketplace is putting inflation worries back closer the front burner of the marketplace, and maybe on par with recession worries,” said Jim Wyckoff, senior analyst at

The 10-year Treasury yield TY00, -0.42% was up 7 basis points at 3.086% on Friday morning.