Gold Prices Lose Steam Ahead of Friday’s Jobs Report and a Rebounding Dollar

from Kitco NEWS

lass=”” >Gold prices ended the U.S. day session near steady levels Thursday. An early “buy-the- dip” bounce following recent profit-taking selling pressure gave way to renewed selling interest as today’s session progressed. A rebound in the U.S. dollar index has been a bearish element for the precious metals. June Comex gold futures were last down $0.60 an ounce at $1,273.80. July Comex silver was last up $0.024 at $17.325 an ounce. So how much of an impact could April’s nonfarm payrolls have on the metal? Todd ‘Bubba’ Horwitz, chief market strategist for and a veteran trader, says Friday’s numbers can be a ‘game-changer.’ ‘It can have a dramatic effect,’ Horwitz said. ‘If they have a good number, which would indicate they can possibly raise rates, then gold can fall a little harder,’ he added. ‘The worst I see, is gold is going down to $1,240,” he said, noting he does not see the metal falling further and it would be a solid entry point. ‘I think we are going up and the lows are already in,’ he added.

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