PRECIOUS-Gold slips as U.S. jobs data boosts risk appetite
March 12 (Reuters) – Gold fell on Monday as the previous session’s upbeat U.S. payrolls data sparked a fresh rally in stock markets and shored up expectations that the Federal Reserve would press ahead with further interest rate hikes this year.
World stocks hit a two-week high on Monday after Friday’s strong jobs data helped offset investors’ concerns about the potential for a trade war between the United States and other major economies. MKTS/GLOB
Spot gold XAU= was down 0.5 percent at $1,316.91 an ounce at 1035 GMT, while U.S. gold futures GCcv1 for April delivery were 0.5 percent lower at $1,317.40 an ounce.
“We are now getting within distance of the FOMC (Federal Open Market Committee) meeting next week, with the rate hike being expected to be executed,” Saxo Bank’s head of commodity strategy Ole Hansen said.
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