Gold steady as dollar softens ahead of US jobs Data

Gold was steady on Friday after falling to its lowest in over two months the session before, with the dollar slipping as weak US manufacturing data raised doubts on the economy's strength ahead of closely-watched nonfarm payroll numbers. "(The Federal Reserve head's) comments from last week have put pressure on gold and we need to see the jobs data, which is likely going to be really good," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

   

Spot gold was largely unchanged at USD 1,314 per ounce by 0414 GMT. The metal on Thursday touched its lowest since June 24 at USD 1,301.91 and was on track to end the week lower for the second straight week.

 

Gold is highly sensitive to rising US interest rates which increase the opportunity cost of holding non-yielding bullion while boosting the dollar in which it is priced. The dollar was on the back foot on Friday. The dollar index, which measures the greenback against a basket of currencies, slipped to 95.619. For More Information AgriCommodity Tips,Ncdex Tips,Free Agri Tips on Mobile, stock tips,nse bse tips, and you can call us on :-9827808090.

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