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US gold down after nonfarm payrolls, copper higher

gold-barNEW YORK: US gold futures fell as the dollar jumped after an encouraging US nonfarm payrolls report, while copper contracts remained higher.

FUNDAMENTALS

US gold futures turned negative after a better-than-expected jobs report boosted the dollar, erasing initial gains due to optimism surrounding Greece's debt swap.

US employment grew solidly for a third straight month in February, a sign the economic recovery was broadening and in less need of further monetary stimulus from the Federal Reserve.

Copper futures remained higher, as investors digested the jobs report.

Copper prices were already spurred by expectations that China could ease monetary policy further and boost demand for industrial metals after inflation slowed.

MARKETS

The euro fell nearly 1 percent against the dollar as profit taking quickened pace after the nonfarm payrolls report.

Brent crude dipped with the Greek bond swap out of the way after the US employment report.

Copyright Reuters, 2012