|10-03-2014, 03:46 PM||#1|
Gold running low ahead of U.S. jobs report
Gold prices fell on London early trading on Friday, as investors feared over the outlook of U.S. interest rates amid improving economic growth.
Gold has fallen 1.1% this week, and is close to turning negative for 2014. Improving economic data from the U.S. continues to add to the hype the Federal Reserve will soon raise interest rates.
A stronger U.S. dollar and an accelerating U.S. economy are reducing demand for safe-haven gold, even with increased sanctions against Russia and a military campaign against Islamic State.
Increasing rates dampen gold’s demand as gold generally a direction away from inflationary pressures. The growing strength of the U.S. dollar is hurting the metal’s appeal as a store of value.
Gold for immediate delivery fell 0.52% to $1207.22 per ounces. December gold fell 0.59% to $1207.90 per ounce. As of 09:37 GMT
Traders and investors worldwide will today focus their attention to the jobs report release by the U.S. government, where expectations and market consensus pour into a strong one.
Better-than-expected additions in non-farm payrolls will sure put the $1,200 level into the test.
However, a weak reading on September jobs could soften expectations over a rate hike and assert that August was not an aberration.
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