Gold slips as dollar strengthens and US data impresses
Gold faces stiff resistance around the $1,325 level, ActivTrades analyst Carlo Alberto De Casa says
Bengaluru — Gold prices slipped to their lowest in nearly a week on Monday as global stocks firmed on upbeat economic data from the US and a stronger dollar. Spot gold was down about 0.5% to $1,310.76 per ounce at 11.20am GMT, having hit $1,326.30 on Thursday — its highest since April 26. US gold futures fell 0.5% to $1,315 per ounce. “It is just a reaction to the strong jobs report on Friday in the US and stock market recovery due to the dovish US Federal Reserve. These factors have reduced the short-term demand for gold,” Saxo Bank analyst Ole Hansen said. “However, the longer term bulls will not be concerned as long as we stay above $1,275.” World stocks remained near two-month highs and strong US jobs data propped up the greenback, denting appeal for gold. However, European stocks struggled as the boost from the US data started to fade. A closely watched report from the US labour department showed on Friday that nonfarm payrolls jumped by 304,000 jobs in January, the largest gai...
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