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Gold holds near mid-June highs after US jobs shock
Gold for December on Comex was near its highest since mid-June, while silver rallied to a seven-week peak and Barrick shares slid after analysts questioned the price of its Fourmile deal.
Gold prices held near their best levels since mid-June as traders assessed Friday’s US employment shock, which they said made a September interest rate hike less likely. Gold futures for the Comex December contract touched $4,421.50 an ounce in early trade, the highest since mid-June, and were up 0.3% to $4,411.20 by midday New York time.
Spot gold rose 0.4% to $4,357.11. Silver outperformed, with the Comex September contract up as much as 2.5% to $65.075 an ounce, topping $65 for the first time in seven weeks before easing to $64.87, still up 2.2% on the day. Spot silver climbed to $64.94, extending its weekly gain to more than 12%.
In the broader precious metals complex, platinum and palladium traded lower. Physical demand for silver was described as firming despite a market expected to stay in deficit through 2026, with Perth Mint silver product sales jumping 65% from June to 486,043 ounces in July, Reuters reported.
Equities linked to the metals moved as well, with Mining.com noting Barrick Mining shares were headed for their worst day since March after handing Newmont a stake in its Fourmile discovery for $1.95 billion. Analysts cited by Mining.com said the deal price appeared too low, and Bloomberg Intelligence put the implied resource valuation at about $325 an ounce, adding that the terms arguably favored Newmont.
Latest closeGold $4,292.00 ▲1.1%|Silver $61.56 ▼0.9%|Platinum $1,734.50 ▼0.2%