Greek Metlen expands alumina output to extract critical mineral gallium
The company plans to launch gallium production in 2027 and eventually produce 50 tons a year.
Gold futures fell below the $1,300 mark ahead of Friday’s US payrolls report, climbing back over 2% to $1,318 at 8:50 am ET as the Bureau of Labor Statistics announced unemployment dropped from 7.6% to 7.4% in July, the lowest rate since September 2008.
US companies added 162,000 in July, below economists’ expected 165,000, and down from the 195,000 jobs added in June, yet the figure adds optimism about the labour market recovery.
In a rather surprising and negative sign, the total jobs for May and June were revised down by a combined 26,000. These figures have often been revised upwardly.
Weakness in the U.S. dollar and US equities Friday also provided support for dollar-denominated gold.
Gold seems to be having a comeback. It rose more than 7% in July, the biggest monthly gain since January 2012.
2 Comments
Buzz
Those are not strong job numbers, they are pathetic. The rate dropped because a large number of people gave up looking. Gold is up because easing may continue.
Johnrolce
Gold price will steadily go up as central banks are running out of physical gold to flood the market and keep the prices low. Beginning of 2014 will be a breaking point.