Gold Has Biggest Gain in Four Weeks as U.S. Job Growth Slows Aug. 6 (Bloomberg) -- Gold futures in New York had the biggest gain in four weeks after the U.S. added fewer jobs than expected in July, sending the dollar down and making the precious metal cheaper for investors holding the euro.
U.S. employers added 32,000 workers to payrolls in July, from a revised 78,000 in June, the Labor Department said. Economists predicted payrolls would rise by 240,000, the median of 74 forecasts in a Bloomberg News survey.
Gold for December delivery rose $5.20 cents, or 1.3 percent, to $400 an ounce at 8:46 a.m. on the Comex division of the New York Mercantile Exchange, the biggest decline for a most-active contract since July 8. A futures contract is an agreement to buy or sell a commodity at a specific price and date.
Gold rose 0.6 percent on July 2 after a report showed U.S. employers in June added about half as many jobs as expected by analysts, sending the dollar to its biggest decline in almost four months.
To contact the reporter on this story: Choy Leng Yeong in Seattle [email protected].
To contact the editor responsible for this story: Steve Stroth at [email protected]. Last Updated: August 6, 2004 08:50 EDT
