Global gold prices fall ahead of US jobs data


FE Team | Published: February 02, 2018 14:10:44


File Photo (Collected)

Global gold prices edged lower on Friday ahead of US jobs data later in the day, with traders looking for any implications for the outlook for US monetary policy over the rest of the year.

Spot gold had dipped 0.1 per cent to $1,347.40 per ounce by 0326 GMT. It has also fallen 0.1 per cent so far this week.

US gold futures were up 0.2 per cent at $1,351 per ounce, according to Reuters.

Spot gold is expected to rise to $1,357 per ounce, as it has broken above resistance at $1,347, according to Reuters technical analyst Wang Tao.

The dollar nursed losses against a basket of currencies on Friday and was on track for a weekly fall as investors focused on renewed economic strength in the eurozone.

Silver prices fell 0.1 per cent to $17.22 an ounce, while platinum prices dropped 0.4 per cent to $1,002.

Palladium was down 0.1 per cent at $1,036.20. It fell to its lowest since Dec 18 at $1,013.72 on Thursday.

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