Gold Price Extends Losses As US Dollar Index Rallies, Crude Oil Sells Off

New York (Aug 5)  Gold prices are trading sharply lower and near the session low in mid-morning dealings Friday. Gold and silver prices slumped following a much-stronger-than-expected U.S. jobs report. The jobs data gave the U.S. dollar index a solid boost, which is also a negative for the precious metals markets. The Nymex crude oil market is also trading on the downside at mid-morning, which is another bearish outside market force working against the metals. December gold and September silver futures markets are also headed for technically bearish weekly low closes on Friday. December gold was last down $21.20 at $1,346.00.  September silver futures were last down $0.623 at $19.82.

Source: KitcoNews