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Gold Steadies Despite Rate Hike Certainty

Gold prices edged lower Friday but posted a modest weekly gain after heavy losses in June.

August gold lost $3, or 0.2%, to settle at $1,255.80/oz, for a weekly gain of about 0.1%.

There was little reaction to relatively upbeat jobs data. Employment in the U.S. increased by more than expected in the month of June, according to a report released by the Labor Department on Friday.

The report said non-farm payroll employment jumped by 213,000 jobs in June after surging up by an upwardly revised 244,000 jobs in May. However, the unemployment rate rose to 4.0 percent in June from 3.8 percent in May, as temporary school jobs ended for the summer.

Traders also weighed yesterday afternoon's Federal Reserve minutes.

"Negative risks to economy from U.S. trade policy have intensified," the minutes showed. Still, with the economy doing well, the Fed projects two more interest rate hikes this year.

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