|10-05-2014, 03:24 PM||#1|
Gold slides to $1,190 after jobs report, erases 2014 gain
Gold prices fell 1.9% on Friday hitting the $1,190 level for the first time in 2014 and erasing the year’s gains, after data showed strong hiring in the U.S., which boosted bets over an interest rate increase next year.
Friday’s decline sent the metal into its lowest in 2014, and prices could even dive more to levels of $1,180 per ounce, a four-year low.
Spot gold was last down 1.8% at $1,191.33 per ounce, and is now down 0.80% in 2014.
Comex gold for December delivery settled 1.72% lower at $1,192.69 per ounce, after earlier falling to $1,190.04 an ounce.
The 248,000 job gains in September followed a 180,000 in August that were higher than initially estimated, while the unemployment rate fell to 5.9%, the lowest since July 2008.
An improving economic outlook for the U.S. is dampening gold’s safe-haven appeal, even with uneven economic growth in other countries in Europe and Asia, and increased geopolitical tensions in Eastern Europe and Asia.
The U.S. dollar jumped 1.21% against a basket of currencies.
Platinum also suffered, being the biggest loser among precious metals on Friday, dropping 3.43% to $1,226.80, the lowest since March 2010.
Sliver lost 1% and Palladium fell 1.8%.
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