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Gold rises on weaker dollar after U.S. jobs data
Gold prices edged up on Monday on technical buying and a weaker dollar after mixed U.S. jobs data late last week muted expectations for near-term interest rate hikes.
Spot gold had gained 0.3 % to $1,223 per ounce by 0300 GMT.Spot gold may rise towards resistance at $1,249 per ounce, as it has managed to stand above resistance at $1,219, according to Reuters technical analyst Wang Tao.click here www.ripplesadvisory.com
U.S. gold futures rose 0.4% to $1,225.10 per ounce.
U.S. jobs growth surged more than expected in January as construction firms and retailers ramped up hiring, but wages barely rose, handing the administration under President Donald Trump both a head start and a challenge as it seeks to boost the economy.
"Gold is pointing to push higher from all fronts on charts," said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore. Gold is highly sensitive to rising U.S. rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced."Gold should be testing $1,225 today and the next resistance level would be around $1,230."
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, climbed 0.41 percent to 814.51 tonnes on Friday from 811.22 tonnes on Thursday.
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