Gold fell below the key level of $1,200 an ounce on Friday and was on track for its worst week in four months, pressured by a stronger dollar ahead of the closely-watched US non-farm payrolls report due later in the day. Spot gold was down 0.4 percent at $1,196.21 per ounce at 0727 GMT, after touching $1,195.85 earlier in the session, its weakest since January 31.
The yellow metal has shed over 3 percent so far this week in what could be its biggest percentage decline since the week ended November 11, 2016. US gold futures fell 0.6 percent to $1,196.1. "The precious complex has extended the overnight declines during early Asian trade and we expect this to continue leading into tonight's NFP (non-farm payroll) print as the USD sees support," MKS PAMP Group trader Sam Laughlin said.
Investors are waiting for February non-farm payrolls data as a barometer of the US economy after Fed Chair Janet Yellen said last week the central bank was poised to lift rates provided jobs and inflation data held up. Spot gold may break a support at $1,198 per ounce and fall into a zone of $1,187-$1,193, according to Reuters technical analyst Wang Tao.
Published under arrangements with Reuters.
No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence." >Copyright Reuters, 2017