Gold Eases As Dollar Firms Up For Second Day
Gold prices eased on Friday even as signs of weakness in the U.S. jobs market dented investor expectations about the pace of economic recovery.
Spot gold dipped 0.4 percent to $1,818.47 per ounce, while U.S. gold futures were down half a percent at $1,818.10.
The dollar edged higher against a basket of major currencies for a second session, but headed for its first losing week in three on doubts about the strength of the U.S. economic recovery.
U.S. weekly jobless claims fell less than expected and core consumer prices rose at a slower pace, causing some traders to temper their optimism about the economic outlook.
Last week’s nonfarm payrolls data showed the world’s largest economy added a meager 49,000 jobs in January, signaling the ongoing fragility of the recovery.
Federal Reserve Chairman Jerome Powell said Wednesday, a “patiently accommodative monetary policy stance” is important to boost the labor market and the overall economy following a stall in recent months.