Gold falls on dollar uptick

Gold bars

Gold prices declined on Friday as the US dollar strengthened, following economic data showing resilience in the US labor market and easing concerns about the trade war.

August gold futures fell 0.35%, or $11.9, to $3,361.60 per ounce.

Spot gold prices dropped 0.3%, or $9.40, to $3,359.28 per ounce as of 8:28 a.m. Makkah time.

Meanwhile, the US dollar index — which measures the greenback against a basket of six major currencies — rose 0.2% to 97.56 points.

Silver futures for September delivery remained steady at $39.23 per ounce, while spot platinum fell 0.9% to $1,402.15, and palladium dropped 0.85% to $1,227.37 per ounce.

This came after economic data showed an unexpected decline in US jobless claims last week, falling to 217,000 from 221,000 for the week ending July 19, compared to expectations of a rise to 227,000.