Gold
futures pared a decline to a 15-week low after a report showed that the
U.S. added fewer jobs in June than forecast and wages stagnated,
reflecting a more moderate pace of economic growth.
Earlier,
gold fell as much as 1.2 percent amid concerns the Federal Reserve is
moving closer to raising interest rates for the first time in nine
years. Global holdings in exchange-traded funds backed by the metal last
month slumped to the lowest since 2009.
Gold
on Tuesday capped the fourth straight quarterly decline, the longest
skid since June 1997, partly as demand for a haven declined. The U.S.
economy has completed its sixth year of expansion since the recession
ended in June 2009. While the job market has rebounded, faster wage
growth has been slow to follow.
Gold
futures for August delivery fell 0.5 percent to settle at $1,163.50 an
ounce at 1:43 p.m. on the Comex in New York. Earlier, the price touched
$1,155.80, the lowest for a most-active contract since March 18.
The
addition of 223,000 jobs followed a 254,000 increase in the prior month
that was less than previously estimated, a government report showed
Thursday. The median forecast in a Bloomberg survey called for a 233,000
advance in June.
Source : Bloomberg
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