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Gold prices ease after U.S. jobs data
Gold prices retreated from its highest level in a week as the U.S. dollar gained after data showed progress in the U.S. labor market, which could support a tapering for the Federal Reserve’s bond buying later this year.
U.S. jobless claims fell to a near six-year low last week, official data showed on Thursday. The reading gives a clearer view of the labor market`s health after an update in government computer systems in California and Nevada threw claims data into disarray earlier this month.
Spot gold , steady above $1,330 before the release of the U.S. data, fell 1 percent to $1,318 an ounce, after gaining nearly 1 percent in the previous session. Spot gold last traded at $1322.59 per ounce. As of 01:01 p.m. ET
A stronger dollar makes gold and other commodities priced in the U.S. currency more expensive for buyers in other countries.
The Dollar index, which tracks the performance of the U.S. dollar against a basket of other major currencies, climbed to 80.73 from 80.43 late Wednesday.
Concerns about a possible U.S. federal debt default and government shutdown next week as the U.S. Congress is struggling to pass a spending bill to keep the government funded beyond Oct. 1, has spurred some demand for the metal as a safe haven in recent sessions.
Bullion gained more than 4 percent last week after U.S. Federal Reserve Chairman Ben Bernanke refused to commit to starting a reduction in quantitative easing this year, defying expectations for a $10 billion cut to the $85 billion monthly bond-buying stimulus.
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