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Gold slips on strong dollar ahead of U.S. jobs data

Discussion in 'Gold Silver (All things Metal)' started by Scorpio, Mar 8, 2017.

  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

    Mar 25, 2010
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    PRECIOUS-Gold slips on strong dollar ahead of U.S. jobs data

    * Focus on timing of U.S. rate hike
    * Markets await Friday's U.S. non-farm payroll data
    * Silver hits lowest since Feb. 6

    (Updates throughout, adds LONDON dateline)
    By Zandi Shabalala
    LONDON, March 8 Gold prices hit a four-week low
    on Wednesday as the dollar gathered strength on the prospect of
    a U.S. interest rate hike.
    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 that the central bank was
    poised to lift rates provided jobs and inflation data held up.
    These comments were seen as cementing plans for an increase
    at the Fed's March 14-15 meeting.
    Spot gold fell 0.26 percent to $1,212.45 per ounce at
    1040 GMT, after touching its lowest since Feb. 3 at $1,210.92,
    putting it on track for its fifth straight session in the red.
    "Non-farm payrolls ... will provide final confirmation of a
    rate hike next week and this could put more pressure on gold,"
    Julius Baer commodities analyst Carsten Menke said
    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.
    Gold could dip below $1,200 before Friday's data, Menke
    The dollar index , which pits the greenback against
    six major currencies, inched up 0.1 percent.
    On the other hand, ETF Securities' Martin Arnold said he
    expected the backdrop of political risk in France and a lack of
    policy certainty in the U.S. to create support for gold prices
    as the interest rate increase was already priced in.
    "And if the Fed doesn't follow up their tough talk with
    action then its certainly a bullish environment for gold,"
    Arnold said, referring to expectations of three rate hikes this
    In other precious metals, silver edged down by 0.7
    percent to $17.37 per ounce, after earlier touching $17.34, its
    lowest since Feb. 6.
    Platinum inched 0.2 percent lower to $958.30 per
    ounce. The metal hit its lowest since Jan. 20 at $954 in the
    previous session.
    Palladium eased 0.7 percent, to $766.80 per ounce.

    (Additional reporting by Arpan Varghese in Bengaluru; Editing
    by Alexander Smith)

  2. louky

    louky Silver Member Silver Miner

    Jun 8, 2014
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    $ to 96
  3. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

    Jan 7, 2011
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    Buying opportunity.
    Ebie likes this.

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