Gold hits one-week low

Gold hits one-week low

Gold hits one-week low LONDON: Gold fell as much as 1.2 per cent on Friday, as the dollar rose after US data showed employment increased more than expected in July, raising the probability of an interest rate hike from the Federal Reserve this year.

Nonfarm payrolls increased by 255,000 jobs last month as hiring rose broadly after an upwardly revised 292,000 surge in June, the Labor Department said on Friday.

Spot gold, steadier initially, fell to one-week low of $1,344.85 an ounce and was down 1.1pc at $1,345.51 by 1326 GMT.

The dollar rose 0.5pc against a basket of six major currencies and global stock markets gained after the data.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.37pc to 973.21 tonnes on Thursday.

Among other precious metals, spot palladium was down 0.6pc at $699.40 an ounce.

Spot platinum was down 1.1pc at $1,147.95, after touching its highest since April 2015 at $1,177.40 on Tuesday, while spot silver fell 1.7pc to $19.89 an ounce.

Source: http://www.dawn.com/news/1275707/gold-hits-one-week-low

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