Gold prices fell on Tuesday, as the dollar benefited from a decline in risk appetite, and the metal is likely to see volatile trading in the run-up to the release of US jobs numbers on Friday, which may have an impact on the Federal Reserve’s plans to cut stimulus.
Spot gold fell 0.6 percent to $1,758.27 an ounce by 06:43 GMT, after hitting $1,770.41 on Monday, its highest since September 23. US gold futures fell 0.6 percent to $1,757.30.
The dollar index rose, making gold more expensive for buyers than holders of other currencies, while stock markets fell on concerns that higher energy prices could dampen economic growth.
The decline in stocks is pushing Asian investors to buy the dollar, which puts pressure on gold, said Jeffrey Haley, senior market analyst for the Asia Pacific region at Oanda, adding that the metal will be in a range between 1,750 and 1,785 dollars before the US jobs report.
Non-farm payrolls are expected to show continued improvement in the labor market, which is likely to allow the Federal Reserve to begin reducing stimulus before the end of the year.
As for other precious metals, silver fell in spot transactions 0.8 percent to $22.48 an ounce, platinum fell 0.9 percent to $958.83, while palladium rose 0.1 percent to $1906.45.
(Reuters)
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