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Gold Heads for 5th Weekly loss as Rate Hike Chances Come Alive

Gold set for 5th weekly loss as solid jobs report keeps rate-hike chance alive

KITCO NEWS - Gold prices are trading solidly down, hitting a seven-week low Friday, following a better than expected jobs report. Meantime, after a flash crash Thursday night, silver prices are sharply lower, notching a 15-month low. August gold was last down $13.60 an ounce at $1,209.70 and September silver futures were down $0.497 at $15.43 an ounce. Is it time to get into these markets? According to Kitco's global trading director Peter Hug, not quite. 'Unless gold broke up through $1,255, I said I would not engage in this market,' he told Kitco News. 'But at these levels here, I don't think gold is going to wash out anymore today. We'll have to see on Monday if there's any follow-through selling on this move.'

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This article is commentary by an independent contributor.