Gold fell to a two-week low on Tuesday after US jobs data came in better than expected and the dollar turned positive, while investors awaited US inflation figures later this week for further clues about the pace of interest rate rises. Spot gold was down 0.1 percent at $1,255.81 an ounce by 2:09 pm EDT (1809 GMT), after falling to $1,251.01, the lowest since July 26 and just above the 50-day moving average. US gold futures settled down 0.2 percent at $1,262.60. "We saw better-than-expected jobs data. This caused the dollar to jump and that put pressure on the gold market," said Phillip Streible, senior commodities broker for RJO Futures in Chicago.
US job openings jumped to a record high in June, outpacing hiring and lifting the US dollar against a basket of major currencies. Geopolitical risks can boost demand for safe haven assets such as gold. Holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell a slight 0.03 percent to 786.87 tonnes on Monday, the lowest since March 2016.
In other precious metals, platinum was 0.3 percent higher at $966.70 per ounce, after touching its highest since April 21 at $978.10. Palladium rose 1.2 percent to $896.50 per ounce, while silver rose 1 percent to $16.40 per ounce.