8 Jan 2016
Gold retreats from 2-month highs but records weekly gain
FXStreet (Córdoba) - Gold prices retreated from 2-month highs on Friday, trimming weekly gains, amid better appetite for risk and a better-than-expected US jobs report.
A recovery in Chinese stock markets lifted market sentiment on Friday and tempered demand for the metal as safe-haven, while a stronger-than-expected US nonfarm payrolls report helped to underpin the dollar.
On the data front, US economy added 292,000 jobs in December, beating the 200,000 expected while November and October readings were upwardly revised by a combined 50,000. The unemployment rate stood unchanged at 5.0% as expected.
Gold futures settled 0.9% lower for the day at $1,097.90 an ounce after posting five daily gains in a row. However, the metal clung to a gain of 3.6%.
A recovery in Chinese stock markets lifted market sentiment on Friday and tempered demand for the metal as safe-haven, while a stronger-than-expected US nonfarm payrolls report helped to underpin the dollar.
On the data front, US economy added 292,000 jobs in December, beating the 200,000 expected while November and October readings were upwardly revised by a combined 50,000. The unemployment rate stood unchanged at 5.0% as expected.
Gold futures settled 0.9% lower for the day at $1,097.90 an ounce after posting five daily gains in a row. However, the metal clung to a gain of 3.6%.