Gold on Friday slipped from the one-month high touched in the previous session on a surge in dollar, with traders waiting for US jobs data later in the day for clues on the pace of possible US interest rate hikes this year. Spot gold eased 0.3 percent to $1,176.36 per ounce by 0543 GMT. The metal on Thursday hit its highest since December 5 at $1,184.90.
US gold futures were down 0.4 percent, at $1,177 per ounce. "We can see a bit of profit-taking ahead of the nonfarm payroll data," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. A firm dollar will put pressure on gold prices ahead of Donald Trump's inauguration, he said.
Spot gold failed to break a resistance at $1,182 per ounce and it may either hover below this level or retrace to a support at $1,159, according to Reuters technical analyst Wang Tao. "The charts look a bit weak on the daily side and prices might come down to the around $1,160," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central.
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