Gold Slips As Dollar Moves Off Recent Lows

 @ibtimes
on August 07 2009 3:59 PM

RTTNews - Gold finished slightly lower on Friday, falling for a second straight day. A weaker dollar reduced the precious metal's hedge value.

August gold moved to $957.30 per ounce, down $3.40 for the session. Prices hit as low as $954.60 after earlier hitting as high as $964.30.

Prices finished the choppy week up $2.80 per ounce. The metal reached a two-month high above $970 earlier in the week.

The dollar posted sharp rallies against its major rivals on Friday in New York, moving away from multi-month lows against the euro and pound. Gold usually moves in the opposite direction of the greenback.

The U.S. Labor Department report showed non-farm payroll employment fell by 247,000 in July, compared to a revised decrease of 443,000 jobs in June. Economists predicted a drop of 325,000 jobs compared to the drop of 467,000 jobs originally reported for the previous month.

On Thursday, August gold fell to $960.70 per ounce, down $3.50 on the session. Prices had earlier touched as high as $971.10.

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