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Metals Stocks: Gold prices drop, log a loss of 1% for the week

Gold prices declined Friday, sending prices lower for the week, as a stronger better-than-expected rise in June U.S. jobs dulled expectations for interest-rate cuts and lifted the benchmark dollar index to a more than two-week high.

Traders “have used the better than expected jobs number to push gold prices lower…as expectations of a Federal Reserve interest rate cut in July have diminished somewhat,” said Mark O’Byrne, research director at GoldCore.

August gold GCQ19, -1.25% gave up $20.80, or 1.5%, to settle at $1,400.10 an ounce, after settling at $1,420.90 an ounce on Comex Wednesday, the highest for a most-active contract since May 14, 2013, according to FactSet Data.

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