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5 Sep 2014
Gold recovers from fresh 3-month lows
FXStreet (Córdoba) - Gold dropped to its lowest in nearly 3 months Friday before recovering somewhat, weighed by broad US dollar strength, as investors await the US jobs report later on the day.
After being rejected from above $1,270 on Thursday, the yellow metal came under pressure and fell sharply to a low of $1,257 an ounce as the greenback benefited from unexpected rate cut and other stimulus measures by the ECB.
However, gold managed to recover modestly and it was last at $1,264 an ounce, 0.24% above its opening price. The metal remains on track to post its third weekly drop in four, having lost more than 4% in that period.
Investors might choose to stay in the sidelines ahead of the US nonfarm payrolls report due at 12:30 GMT. Consensus is pointing to a 200,000 jobs gain in August following a rise of 209,000 the previous month.
After being rejected from above $1,270 on Thursday, the yellow metal came under pressure and fell sharply to a low of $1,257 an ounce as the greenback benefited from unexpected rate cut and other stimulus measures by the ECB.
However, gold managed to recover modestly and it was last at $1,264 an ounce, 0.24% above its opening price. The metal remains on track to post its third weekly drop in four, having lost more than 4% in that period.
Investors might choose to stay in the sidelines ahead of the US nonfarm payrolls report due at 12:30 GMT. Consensus is pointing to a 200,000 jobs gain in August following a rise of 209,000 the previous month.