Gold fell on Friday, pulling back from a more than six-month peak hit earlier in the session, as robust U.S. jobs data eased some concerns about an ailing economy, while palladium prices punched through the key $1,300 level for the first time.
Spot gold slipped 0.8 percent to $1,283.86 per ounce as of 1:55 p.m. EST (1855 GMT), after dropping to $1,276.40.
The metal was however on track for a third straight weekly gain, up about 0.2 percent so far, mainly helped by recent strong gains. It touched its highest level since mid-June at $1,298.42 earlier in the day.
U.S. gold futures settled down 0.7 percent at $1,285.80 per ounce, having briefly surpassed the psychological $1,300 per ounce level earlier in the session.
"Industrial commodities and currencies have rebounded therefore the precious metals which have been the safe haven such as gold, silver have retraced today," said David Meger, director of metals trading at High Ridge Futures.
"That is exacerbated by a stronger-than-expected payrolls data."
Data showed U.S. employers hired the most workers in 10 months in December, suggesting a sustained strength in the economy that could soothe concerns of sharp slowdown in growth.
"Today's U.S. jobs report throws more uncertainty into the direction of Federal Reserve monetary policy, which had already been seen as murky," Jim Wyckoff, senior analyst at Kitco Metals, wrote in a note.
Fed Chairman Jerome Powell on Friday moved to mollify financial markets concerned about a U.S. economic slowdown, saying that while momentum is solid, the central bank will be sensitive to the downside risks the market is pricing in.
0 comments:
Post a Comment