Comex gold and silver futures prices are trading slightly lower in quieter dealings Friday morning, on some mild profit-taking and as traders await the release of the important U.S. employment report. August gold last traded down $1.50 at $1,529.10 an ounce. Spot gold last traded down $4.00 an ounce at $1,529.25. December Comex silver last traded down $0.213 at $36.34 an ounce.
The marketplace is awaiting the release of the June U.S. employment report. The expectation is that non-farm payrolls rose by around 125,000 during June. A figure close to that expectation should be a bit bearish for the safe-haven precious metals, as it would suggest a healthier U.S. economy and would likely increase investor risk appetite. However, a weaker-than-expected non-farm jobs number would likely be a bit bullish for gold and silver.
Good physical demand for gold continues to underpin the market.
The ongoing European Union sovereign debt crisis also remains a bullish factor for the precious metals markets, on safe-haven demand due to the uncertainty of the issue.