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MTECHTIPS;-Gold Slips for 2nd Day on Better U.S. Data

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MTECHTIPS;-Gold Slips for 2nd Day on Better U.S. Data

 

MTECHTIPS-GOLD The good feelings over U.S. jobs and manufacturing numbers are making their way to the dollar — and costing gold in the process. After giving gold a strong five-day run through Thursday, investors have been making a beeline toward the greenback, letting the spot price and futures of the yellow metal fall for a second day in a row. The spot gold contract, reflective of trades in physical bullion, was down by $4.21, or 0.3%, at $1,313.44 by 1:56 PM ET (18:56 GMT). In gold futures, the benchmark April contract on the Comex division of the New York Mercantile Exchange settled down $2.80, or 0.2%, at $1,319.30 per ounce. Gold prices have declined since Friday’s U.S. January jobs report, which showed a solid growth of 304,000 jobs versus an estimated gain of 165,000. The Institute of Supply Management’s manufacturing purchasing managers’ index, meanwhile, rose to 56.6 in January, up from 54.3% in December,he previous month and defying expectations for a drop to 54.2.% Even White House economic adviser Kevin Hassett’s remarks that there was still “a lot of work to do” on the U.S.-China trade talks did not boost gold on Monday. Investors have been buying gold either as a hedge against a further U.S. fallout with China or a direct bet that a trade deal between the two countries would not happen

 

 

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