Gold slips after report shows stronger hiring

Los Angeles (July 3)  Gold prices sank Thursday following news that U.S. employers stepped up hiring last month.

Gold for August delivery fell  $10.30  to settle at  $1,320.60  an ounce. Silver dropped  17 cents  to  $21.14  an ounce.

 The Labor Department  said employers added 288,000 workers to their payrolls last month. The news sank gold prices, because higher economic growth leads traders to speculate that the Federal Reserve could raise interest rates sooner than expected. Higher interest rates sap demand for precious metals and lure traders into other investments.

In other trading, copper for September climbed  1 cent  to settle at  $3.28  a pound on Thursday. That's the highest price for the red metal since  February 21  , according to FactSet.

Crop futures were mixed. Crude oil fell.

Source:  AP