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MTECHTIPS;-Gold Prices Pull Further Back From 9-Month Highs

Tuesday, February 5, 2019 0:25

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MTECHTIPS;-Gold Prices Pull Further Back From 9-Month Highs

MTECHTIPS-Gold prices were lower to start the week on Monday, pulling further away from a more than nine-month high as the U.S. dollar strengthened following an upbeat jobs report which highlighted strength in the domestic economy. A stronger dollar can be a negative for commodities priced in the currency, making them more expensive to users of other currencies. Comex gold futures were at $1,315.75 a troy ounce by 8:25 AM ET (13:25 GMT), down $6.25, or around 0.5%. It hit its highest level since June 14 at $1,331.10 on Jan. 31. Meanwhile, spot gold was trading at $1,311.69 per ounce, down $5.96 on the day. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, hovered near a one-week high amid indications of underlying strength in the world’s largest economy. Data released on Friday showed that U.S. job growth surged in January, with employers hiring the most workers in 11 months. The jobs report, along with stronger-than-expected ISM manufacturing data, eased concerns over a slowdown in the U.S. economy, leading traders to trim expectations the Federal Reserve would need to cut interest rates to support the economy later this year. “Upbeat non-farm payroll suggests the U.S. economy is riding a strong momentum, dampening demand for safe-haven assets like gold,” said Margaret Yang, a market analyst with CMC Markets

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