Gold falls off seven-month peak as dollar gains ground

2019-01-08 15:57:08 GMT (Economies.com)
Gold falls off seven-month peak as dollar gains ground

Gold futures fell in American trade off June 15 highs for the second session out of three, as the dollar index rose from October 22 lows, amid ongoing US-China talks in Beijing on hopes of resolving the trade dispute. 

 

As of 02:58 GMT, gold futures due in February fell 0.60% to $1,282.10 an ounce off seven-month highs, while the dollar index rose 0.32% to 95.97 away from three-month lows. 

 

US labor data released last week, showed the unemployment rate rose to 3.9% in December from 3.7% in November, which was the lowest since 1969, while analysts expected no change. 

 

US average hourly earnings rose 0.4% in December, beating estimates of 0.3% and up from 0.2% in November. 

 

The US economy added 312 thousand new jobs in December, the fastest such pace since February 2018, and beating estimates of 179K, and compared to November's 176K, revised from 155K. 

 

Otherwise, US trade secretary Wilbur Ross recently noted how the US and China could reach a good settlement when it comes to direct trade, but the structure of trade issues and their execution may prove a more difficult process, noting how China is awakening to its economic dependence on US trade. 

 

Finally, Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, fell 1.47 tonnes yesterday, the first drop since December 27, to a total of 796.78 tonnes, after rising by 25.93 tonnes in December, while gold prices marked the third monthly profit in a row. 

 
 
 
  Symbol Last Change Chg.%
1.1292
0.0074
0.6610%
1.2706
0.0123
0.9771%
15.451
0.584
3.925%
57.386
4.876
9.286%
64.44
2.57
4.15%
1389.030
47.750
3.560%
 
 
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