Gold futures extended their losses Friday morning following better than expected U.S. economic data.
COMEX gold futures, per the August contract, fell to an intra-day low of $1,478.30 per ounce after the June ISM Manufacturing Index came in at 55.3 – well north of the 51.1 consensus estimate among economists. The yellow metal subsequently bounced back above $1,480, but remained lower by over 1.2%.
The broader equity markets spiked higher following the ISM report, as the Dow Jones Industrial Average (DJIA) climbed 96.15 points, or 0.8%, to 12,510.49.
Silver followed a similar path to that of gold, reaching an intra-day low of $33.47 per ounce and holding onto a loss of 3.2%.
Precious metals were pressured by a rebound in the U.S. Dollar Index (DXY), which advanced 0.4% to 74.94 against a basket of foreign currencies.
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