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Gold tumbles as dollar and economy strengthen

July 5, 2013

NEW YORK (AP) — The price of gold tumbled Friday after the government’s June employment report showed companies adding more jobs in the improving economy. The dollar strengthened against the euro and other major currencies.

Gold for August delivery fell $39.30, or 3.1 percent, to end at $1,212.70 per ounce. July Silver slid by almost 5 percent, losing 96.3 cents at $18.726 per ounce. Copper fell by 9.4 cents to $3.08 per pound. Platinum gave up $20.40 to $1,324.90 per ounce and palladium was down $8.15 to $677.55 per ounce.

U.S. employers added 195,000 jobs in June and many more in April and May than previously thought. Gold and other precious metals become less appealing as safe havens for investors in a stronger economy.

The price of benchmark crude stayed at a 14-month high, adding $1.98 per barrel to finish at $103.22, as traders watched growing unrest in Egypt and worried about the potential for shipping interruptions in the region. Most other energy contracts were higher. Natural lost 7.3 cents to $3.617 per 1,000 cubic feet.

Grains were lower. September wheat fell 5 cents to $6.60 per bushel. Corn dropped 11.5 cents, or 2.3 percent, to $4.9125 per bushel, and soybeans lost 22.5 cents to $12.2825 per bushel.

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