On Friday, gold sank as market participants waited for the highly-anticipated American employment post due later this day, though the number one precious metal is still close to Wednesday’s two-year high as worries over the global impact of the Brexit referendum keeps dampening market sentiment.
In New York, August delivery gold futures slumped 0.36%, hitting $1,357.35.
The August contract concluded Thursday’s trading session 0.37% lower, getting to $1,362.10 per ounce.
Futures were about to gain support at $1,339.70, the minimum from July 5 as well as resistance at $1,374.90, Wednesday’s peak and a two-year high.
Traders were keeping an eye open on American nonfarm payrolls post due later this day, for the final confirmation of the strength of the job market after positive data was published on Thursday, thus giving support to the greenback.
On Thursday, the US Department of Labor announced that the total number of folks filing for initial jobless benefits by July 2 slumped by 16,000 to 254,000 from last week’s revised total of about 270,000. Financial experts had hoped jobless claims to edge up by 2,000.