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Gold falls to 5 week-low ahead of US jobs data
Published in Amwal Al Ghad on 09 - 03 - 2017

Gold prices inched down to the lowest level in five weeks on Thursday, pressured by an uptick in the dollar ahead of U.S. non-farm payrolls data on Friday.
Spot gold was barely changed at $1,207.38 per ounce at 0325 GMT after touching $1,205.50, the lowest since February1, earlier in the session.
U.S. gold futures eased 0.2 percent to $1,207.00.
Investors are awaiting February non-farm payrolls data on Friday as a barometer of the U.S. 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.
"If the nonfarm payroll data does come in better than market expectations, it will drag gold prices further," said OCBC analyst Barnabas Gan.
"But with fund futures fully pricing in the rate hike story, I'd presume gold will just be supported at the US$1,200 handle into next week, whereby the actual rate hikes will come in."
Interest rates futures implied traders saw an 86 percent chance of a rate hike next week on Wednesday, compared with 82 percent at Tuesday's close, according to CME Group's FedWatch program.
Higher rates tend to put pressure on gold prices because they raise the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.
The dollar index, which pits the greenback against six major currencies, rose 0.1 percent to 102.14.
Meanwhile, the ADP National Employment Report released on Wednesday showed its biggest increase in more than a year in February, suggesting the U.S. economy remains on solid ground.
Spot gold may bounce into a range of $1,213-$1,219 per ounce before falling again, as it seems to have lost its bearish momentum around a support at $1,206, according to Reuters technical analyst Wang Tao.
Meanwhile, holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust GLD, remained unchanged on Tuesday from Monday.
In other precious metals, silver fell 0.4 percent, to $17.17 per ounce, close to the lowest since Jan. 31 at $17.16 hit earlier in the session.
Platinum was up 0.4 percent to $948.80 per ounce, while palladium eased 0.7 percent to $763.47.
Source: Reuters


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