Gold fell to near the lowest in more than two weeks as investors sold metal from exchange-traded products for a second day.
The
metal slid as much as 0.4 percent after sinking for a third day Friday
when data showed the U.S. jobless rate fell to 5.1 percent in August,
the lowest since April 2008, adding to the case for the U.S. Federal
Reserve to raise interest rates. The Fed will decide whether to raise
rates next week.
Gold
is down almost 12 percent in the past year on expectations of higher
borrowing costs curbing the appeal of the metal as it doesn’t pay
interest or offer returns like other assets such as bonds. Monday is a
U.S. holiday.
Bullion
for immediate delivery was down 0.2 percent at $1,119.35 an ounce by
3:15 p.m. in New York, according to Bloomberg generic pricing. It fell
to $1,116.93 on Friday, the lowest since Aug. 19, posting a second
weekly drop.
While
employers added a less-than-forecast 173,000 workers in August, the
increase followed advances in July and June that were stronger than
previously reported. Economists say the August payrolls figures have
tended to disappoint compared with consensus projections, but they are
typically revised higher in ensuing months. Traders estimate the
probability of a September rate increase at 34 percent from 54 percent a
month ago.
Gold futures for December delivery lost 0.3 percent to $1,118.30 an ounce on the Comex in New York.
Investors
sold metal from exchange-traded products, with holdings falling 0.7
metric ton to 1,521.7 tons, data compiled by Bloomberg as of Friday
showed.
Silver
for immediate delivery fell 0.5 percent to $14.5077 an ounce. Platinum
declined 0.2 percent to $988.65 an ounce, while palladium advanced 0.9
percent to $580.15 an ounce.
Source: Bloomberg
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