Gold Futures Hit $1,248.90

Gold recovered for a second straight day on July 9 after Friday’s nonfarm payroll employment numbers caused commodities to drop. Gold for August delivery on the Comex in New York rose $14.10, or 1.2 percent to $1,248.90 an ounce. This price increase, combined with Monday’s gain of $22.20an ounce, erases Friday’s 3.1 percent drop.

Spot gold prices also gained $13.20, a 1.1 percent increase, to reach $1,251 an ounce.

Carsten Fritsch, an analyst with Commerzbank, told MarketWatch gold is at risk for more selling Wednesday after the Federal Open Market Committee’s minutes of its mid-June meeting will be released, giving more clues as to the Fed’s plans for its stimulus package.