Gold logs biggest monthly drop in 2 years

Gold futures ended with a daily gain Friday, reversing an early loss after a weaker-than-expected rise in U.S. labor costs, but still ended an ugly July with the biggest monthly decline in more than two years.

Gold for August delivery on Comex GCQ5, -0.01%  ended the day up $6.50 at $1,094.90 an ounce. December gold GCZ5, +0.09% which is now the most actively traded contract,rose $6.40, or 0.6%, to finish at $1,095.10 an ounce after earlier trading as low as $1,079.20.

For the month, gold logged a 6.5% July loss on a most-active basis, the biggest drop since a slide of more than 12% in June 2013.

The yellow metal saw relief Friday from selling pressure after the Labor Department said its employment cost index rose a record low 0.2% in the second quarter, well below the 0.7% rise penciled in by economists surveyed.

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