Arab Today, arab today gold eases amid choppy trade as market digests us payrolls data
Last Updated : GMT 06:58:42
Arab Today, arab today
Arab Today, arab today

Gold eases amid choppy trade as market digests US payrolls data

Arab Today, arab today

Arab Today, arab today Gold eases amid choppy trade as market digests US payrolls data

New York - Arabstoday

Gold eased on Friday, snapping a five-session winning streak, but trade was choppy as investors digested a report of better US job growth and the unemployment rate near a three-year low. The metal still notched its biggest weekly gain in five weeks after it broke ranks with a slumping euro on Thursday and Friday. Bullion has now more than recouped last week\'s losses that briefly sent it into bear market territory. Trading volume was decent after data showed US non-farm payrolls increased 200,000 in December and the unemployment rate dropped to a near three-year low of 8.5 per cent, offering the strongest evidence yet the economic recovery was gaining steam. Under pressure \"Gold came under pressure because people are a bit more comfortable with the recovery of the economy, but it is going to remain range-bound until we get some significant news to push it into either direction,\" said Fred Schoenstein, metals trader at Heraeus Precious Metals Management. Spot gold fell 0.3 per cent to $1,617.19 an ounce. It was up 3 per cent for the week, its first weekly rise since early December. \"Gold went up after a lot of year-end liquidation last week. Money managers have to put their [gold] position back if they want to have it in their portfolio to show it to their clients,\" said Schoenstein. US gold for February delivery settled down $3.30 at $1,616.80. Trading volume was strong for a fourth straight day, about 10 per cent above its 30-day average, preliminary Reuters data showed. Analysts said high turnover signalled renewed buying interest after gold fell sharply in thin holiday volume. The euro hit a near 16-month low against the dollar and briefly traded below $1.27, the first time since September 2010, on renewed sovereign funding concerns in Europe and worries about a recession there. In lockstep Gold had been trading in lockstep with the euro in the past two months when the metal crossed into a bear market. Last week, the precious metal was briefly 20 per cent below its record September high. The 25-day correlation log between spot gold and euro was near a one-year high reached last week, indicating a strong positive link between the two in the last month. \"Although gold seems to be decoupling from the euro... we believe gold\'s inverse correlation with the dollar and positive correlation with the euro will be re-established,\" James Steel, HSBC\'s chief commodity analyst, said in a research note.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold eases amid choppy trade as market digests us payrolls data Arab Today, arab today gold eases amid choppy trade as market digests us payrolls data

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday