Commodities slump after job report

Gold, silver and other commodities drop after better jobs report

Associated Press

Gold and other metals are falling, after news of steady hiring last month raised expectations that the Federal Reserve would start paring its support for the economy.

Gold for delivery in August fell $32.80 to settle at $1,383 an ounce Friday, down 2 percent.

Silver for July sank 96.4 cents to $21.743 an ounce, a 4 percent slump.

The government said that employers added 175,000 workers last month, slightly better than forecasts. On trading desks, the report gave more support to those who think the Fed will ease back soon on its monthly purchases of bonds.

In other trading, platinum for July lost $26.70 to $1,502.60 an ounce. Palladium for September fell $1.10 to $761.20.

Contracts for agricultural products were mixed. Corn and soybeans rose, while wheat slipped.

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