Gold tumbles as dollar and economy strengthen

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Associated Press

Posted on July 5, 2013 at 12:00 PM

Updated Friday, Jul 5 at 3:02 PM

The price of gold is falling after the government's June employment report showed companies adding more jobs in the improving economy. The dollar strengthened against the euro and other major currencies.

Gold for August delivery fell $39.30, or 3.1 percent, to end at $1,212.70 per ounce on Friday. Silver slid by almost 5 percent. Other metals were lower as well.

U.S. employers added 195,000 jobs in June and many more in April and May than previously thought. Gold becomes less appealing as a safe haven for investors in a stronger economy.

The price of benchmark crude stayed at a 14-month high, adding $1.98 per barrel to finish at $103.22, as traders watched growing unrest in Egypt and worried about the potential for shipping interruptions in the region.

Grains were lower.

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