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Business News » World News

Gold falls below key level of $1,200 ahead of US jobs data, stronger dollar

Prices of gold dropped below the key level of $1,200 an ounce on Friday to hit their lowest in over five weeks on back of a stronger US dollar ahead of US jobs data later in the day.

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Gold falls below key level of $1,200 ahead of US jobs data, stronger dollar
Spot gold was down 0.2% at $1,197.90 per ounce at 0118 GMT, after touching its weakest since January 31 at $1,197.02 earlier in the session. Representational Image. Image Source: Reuters

Gold prices dropped below the key level of $1,200 an ounce on Friday to hit their lowest in over five weeks, pressured by a stronger US dollar ahead of US jobs data later in the day.

Fundamentals: 

* Spot gold was down 0.2% at $1,197.90 per ounce at 0118 GMT, after touching its weakest since January 31 at $1,197.02 earlier in the session. The metal was set for a weekly loss of about 2.8%. 

* US gold futures fell 0.4% to $1,198.10 an ounce.

* The dollar index was up 0.1% at 101.94.

* Investors are waiting for February non-farm payrolls data on Friday as a barometer of the US economy after Federal Reserve Chair Janet Yellen said last week the central bank was poised to lift rates provided jobs and inflation data held up. Her comments were seen as cementing plans for an increase at the Fed`s March 14-15 meeting.

* The ADP National Employment Report showed its biggest increase in over a year in February, suggesting the US economy remains on solid ground.

ALSO READ: Gold hits 4-month high, climbs Rs 325 on firm global cues

* The Fed will raise interest rates next week in response to a series of strong economic data, according to all of more than 100 economists polled by Reuters, with two more hikes likely to follow later this year.

* The number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but the labour market continues to tighten amid a sharp drop in job cuts in February.

* Holdings of the SPDR Gold Trust , the world`s largest gold-backed exchange-traded fund, fell 0.32% on Thursday.

* A supply deficit in platinum markets is expected to persist this year, an industry report showed on Thursday, but the shortfall is seen shrinking for a fourth consecutive year as declining investment and jewellery buying outweigh lower supply.

* The European Central Bank (ECB) pledged on Thursday to keep its aggressive stimulus policy in place at least until the end of the year, but signalled a diminishing urgency for more policy action, enough to send the euro and bond yields higher.

Data Ahead

(GMT) 0700 Germany Trade data Jan0700 Germany Wholesale Price Index Feb0745 France Industrial output Jan0930 Britain Industrial output Jan1330 US Nonfarm payrolls Feb1330 US Unemployment rate February. 

ALSO READ: Gold turns firm despite strong U.S. data, Yellen rate hike hints

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TAGS:
goldMarketsEconomygold pricesUS jobs dataSpot GoldUS gold futuresUS Dollarnon-farm payrolls dataUS EconomyJanet YellenUS Federal Reserverateinflation dataSPDR Gold TrustEuropean Central BankECBEurobond yieldsGermanyBritainFranceWholesale Price IndexIndustrial OutputNon-Farm PayrollsDollarUS Dollar
Written By: Reuters
Updated: Fri, Mar 10, 2017
10:58 am
Reuters
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