Gold prices turned negative on Friday on a firmer dollar, while investors focused on the US jobs data due later in the day for fresh catalysts. Spot gold was down 0.1 percent at $1,309.93 per ounce at 0740 GMT, and was headed for a third consecutive weekly decline. US gold futures for June delivery fell 0.15 percent to $1,310.70 per ounce.
"The focus is on the US nonfarm payroll data ... We see dollar index rising once again on expectations of higher number and that's what is affecting gold price," said Naeem Aslam, chief markets analyst at Think Markets. "Gold bears may be offered an opportunity to attack and conquer the $1,300 level today, if the NFP data results exceed market expectations," said Lukman Otunuga, research analyst at FXTM.
Spot gold is biased to bounce more to a resistance at $1,326 per ounce, as suggested by a projection analysis and a falling channel, according to Reuters technical analyst Wang Tao. Holding of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.13 percent to 865.60 tonnes on Thursday.
Comments
Comments are closed for this article.