Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.4% to close above $1,362 as the dollar strengthened on upbeat jobs data and traders took profits from the metal's 8.1% surge over the previous eight sessions.

The U.S. private sector added 172,000 jobs in June, more than expected, while fewer people filed for jobless benefits last week, perhaps signaling a rebound in job-creation after last month's plunge. Totals for May were revised lower by 5,000.

The more-authoritative U.S. nonfarm payrolls report, to be released tomorrow, will give a better indication of labor market health. Last month, the NFP showed merely 38,000 new jobs added in May, the smallest gain in six years and far fewer than the ADP's 173,000 total for private sector hiring that month.

The dollar ticked higher on the jobs data, adding 0.2% against major rivals despite losing 0.6% against the yen. A stronger dollar rends to pressure gold and other commodities by making them most expensive to users of other currencies.

The other precious metals were mixed, with silver falling 1.8% while platinum and palladium picked up 0.4% and 0.8%, respectively.

At the Comex close: August gold slipped $5 to $1,362.10; September silver fell 36 cents to $19.83; October platinum added $3.80, to $1,095.10; and September palladium gained $4.80 to $612.35 an ounce.