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Gold Futures Drop as U.S. Payrolls Rise More Than Expected
Friday, 6 December 2019 21:04 WIB | PRECIOUS METALS |Emas berjangkaEMASGOLD

Gold futures plunged, erasing a weekly gain, as stronger-than-expected U.S. jobs data helped ease economic concerns that had fueled demand for the metal as a haven.

Payrolls jumped 266,000, the most since January, according to a government report Friday that topped all estimates in a Bloomberg survey calling for 180,000 jobs.

Gold has struggled to sustain recent rallies as resilient U.S. economic data and bets on progress toward a U.S.-China trade deal limit demand for the metal as a haven.That weakens the case for more cuts on U.S. borrowing costs, further damping the appeal of the non-interest bearing precious metal. Prices are down about 6% from a six-year high reached in September.

Bullion futures for February delivery fell 0.8% to $1,471.70 an ounce at 8:35 a.m. on the Comex in New York. Prices are down less than 0.1% for the week.

Source : Bloomberg

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