LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Gold prices drop as dollar strengthens after U.S. jobs data

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sat, Feb 03, 2018
12:19 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Gold prices declined on Friday as the U.S. dollar ticked up against the euro after U.S. jobs data showed a robust rise in jobs and wages and 10-year U.S. Treasury yields peaked.

Non-farm payrolls rose by 200,000 jobs in January, the U.S. Labor Department said, beating expectation of 180,000 and their largest annual gain in more than 8-1/2 years. Average hourly earnings rose and boosted the year-on-year increase to 2.9 percent, the largest rise since June 2009.

"The hawkish reading of the data is proving to be a trigger point for more downside pressure in gold in the short-term," said Suki Cooper, precious metals analyst at Standard Chartered Bank.

Spot gold dropped 1 percent at $1,335.26 an ounce by 1:34 p.m. EST (1834 GMT), while U.S. gold futures for April delivery settled down $10.60, or 0.8 percent, at $1,337.30.

Benchmark 10-year Treasury yields extended their rise to more than 2.8 percent reaching a 4-year high after the U.S. jobs data was released.

"The fact that it`s gone up that fast that quick could force the Fed to act more aggressively before the March meeting if the 10-year gets to three percent," said Bob Haberkorn, senior market strategist at RJO Futures.

Higher interest rates make gold less attractive to investors because it does not pay interest.

The Fed held interest rates unchanged after its latest policy meeting this week but raised its inflation outlook and flagged "further gradual" rate increases.

Gold is set to end this week 1.1 percent lower, after rising in six out of the last seven weeks and hitting its highest in 17 months last week at $1,366.07.

On the wider markets, world stocks were set to post their biggest weekly drop since late 2016 as talk of central bank policy tightening and expectations of higher inflation boosted borrowing costs globally. [MKTS/GLOB]

Holding gold offers a degree of insurance if the broader market suffers a correction, ScotiaMocatta said in a monthly report this week. "Record-setting global equities may well start to wobble if inflation starts to pick up, or if bond yields/interest rates continue to rise," it said.

Silver dropped 2.9 percent at $16.73 an ounce after hitting $16.66, its lowest since Dec. 28. It was poised for a 3.8 percent weekly decline.

Platinum declined 1.2 percent at $993.50 per ounce, on track for a 1.6 percent weekly drop.

Palladium rose 0.6 percent at $1,043.50 per ounce.

After hitting record highs this month, palladium is on track for its biggest weekly drop since early September, down 4.2 percent.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Stocks to buy with Anil Singhvi: Sandeep Jain recommends Asian Energy Services today

MTAR IPO: Know allotment finalisation status, listing date and how to check subscription of shares

Send best WhatsApp wishes, quotes, messages to your loved ones on International Women's Day 2021

Toyota VC invests in AI startups, firms that refine everyday processes

PUBG Mobile 1.3 global update: Check expected release date, beta APK download link and more!

Easy Trip Planners IPO date: Ventura Securities highlights details

NTA JEE MAINS RESULT 2021: LIVE: To be declared, announced today? Answer Key PDF Download, Date, Time, NTA Link jeemain.nta.nic.in, Check Latest Updates

SBI Cards: Credit Suisse gives outperform rating with price target of Rs 1250

Yes Bank Share price: Target price Rs 14, Anand Rathi maintains Sell rating | Earning, valuation and key risks

Anil Singhvi’s Strategy March 8: Strong Profit Booking Zone on Nifty is 15,200-15,245 & Bank Nifty is 36,400-36,600

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved