Gold ticked up above a 3-1/2 month low on Friday, as sluggish US jobs data tempered expectations for a September rate hike by the Federal Reserve and hurt the dollar. Spot gold gained 0.2 percent to $1,168.26 an ounce by 0243 GMT. The metal fell to $1,156.85 on Thursday, its lowest since mid-March, but pared losses after US economic data.
For the week, bullion is still down 0.6 percent, its second straight weekly loss, due to gains in the dollar earlier in the week from the Greek debt crisis. "The soft US employment data has helped gold for the moment but I don't see much more upside here unless the dollar drops sharply," said a precious metal trader in Hong Kong. "Liquidity will likely be thin today with the US markets out, so the next trigger could be Sunday's referendum in Greece," the trader said.
Comments
Comments are closed.