Gold Spot Fall as U.S. Jobs Data

Gold Spot Fall as U.S. Jobs Data

Gold Silver Reports ~ Gold Spot slipped on Monday from near a 3~month top hit the session before, after a solid U.S. jobs report strengthened the dollar and potentially boosted the chance of rate hikes this year.


* Spot gold had slipped by 0.7 percent to $1,165.10 an ounce by 0008 GMT, as it fell back from its highest since Oct. 28 at $1,174.50 hit in the previous session.

* U.S. gold climbed 0.7 percent to $1,165.80.

* Most Asian regional markets were closed on Monday for Lunar New Year, including Singapore, China, Hong Kong and Taiwan.

* U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but rising wages and an unemploymentrate at an 8~year low suggested the labor market recovery remains firm.

* Global markets have been in turmoil since the start of the year, with stocks and commodities prices reeling, eroding inflation and making centralbanks increasingly dovish – a trend that could continue with more weak economicdata.

* China’s January exports may have fallen for a seventh month with factories still battling falling prices, but an expected jump in bank lending may underscore the government’s bid to put a floor under the slowing economy.

* Hedgefunds and money managers boosted their bullish bet in COMEX gold to a 3~month high in the week to Feb. 2, U.S. Commodity Futures TradingCommission data showed on Friday.

* SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.70 percent to 698.46 tonnes on Friday from 693.62 tonnes on Thursday.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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