Gold Slides Lower on Weak Global Cues, U.S. Dollar Recovers

Gold Slides Lower on Weak Global Cues

The prices of gold slide lower on Friday amid a weakening world tendency and profit-booking by speculators. The prices that are separated from a two-month high as the dollar regained some ground after the People’s Bank of China set a rate higher guidance yuan for the first time in nine days.

On the Comex gold futures for February delivery were down 0.71% at $1,099.90.

Meanwhile, gold prices fell 0.50% to $1,103.53 an ounce in Singapore. Prices are up 4% this week.

The dollar found support after the People’s Bank of China fortified midpoint rate of the yuan for the first time within nine days on Friday, setting it at 6.5636 per dollar, compared with 6.5646 the previous review.

However, China is expected to continues to permit the yuan to weaken in the long term, in an attempt to help its exporters and remain competitive in the face regional rivals.

Furthermore, China said late on Thursday suspended its new market breaker provided only on Monday because the system failed to reduce market volatility.

In another part of, investors are now eyeing the publication of key jobs data from the US, due later in the day for more indications over force of the labor market in the country.

On Thursday, the Labor Department of the United States said the number of individuals who filed for unemployment insurance in the week ending January 01 fell by 10,000 to 277,000 of the total 287,000 the previous week, which was the highest since mid-July.

Analysts had expected unemployment claims dropped by 12,000 to 275,000 last week.

Gold for delivery in February contract eased Rs 127, or 0.49% to Rs 25,973 per 10 gram at the Multi Commodity Exchange.

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