Gold turned lower on Thursday, dropping for the fourth straight session on pressure from the firm US dollar ahead of Friday's US payrolls report, which will give clues about whether the Federal Reserve will soon raise interest rates. Spot gold was down 0.5 percent at $1,272.23 an ounce at 2:07 pm EDT (1807 GMT). US gold futures settled down 0.2 percent at $1,272.30 an ounce.
"It's mostly related to the dollar," said Rob Haworth, senior investment strategist for US Bank Wealth Management in Seattle. The US dollar rose against a basket of major currencies as traders closed out profitable bets against it ahead of the payrolls data, while US and European stock markets also rose. Earlier, gold prices pared gains after a larger than expected rise in weekly jobless claims in the United States.
Comments
Comments are closed.