Gold prices steady but on track for big fall ahead of US employment data
London — Gold prices steadied on Friday but were on track for their biggest weekly fall since May ahead of US employment data later that could influence the pace of US interest rate rises. This week, gold broke below a recent trading range and tumbled through technical levels to its lowest since July as progress on US tax reform fueled optimism about the US economy and boosted the dollar. "You can put it down to the strength of the dollar and the ebullience of investors regarding equities and all things risk-on," said ETF Securities analyst Martin Arnold. "When in such a positive mindset, investors don’t look for defensive assets such as gold." The dollar was given an extra boost on Friday after a funding bill eased fears of a US government shutdown this month. A stronger dollar makes bullion more expensive for holders of other currencies and can dampen demand. Spot gold was down 0.1% at $1,245.66 an ounce at 11.09am GMT, close to Thursday’s low of $1243.71, the weakest since July 2...
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