Gold price falls to near 3 month low as U.S. jobs data beats expectations
Duncan Richardson, News Editor
9 Mar 2015, 12:03 p.m.
The gold price fell over 2% on Friday after strong U.S. employment data raised expectations the Fed may raise interest rates sooner than expected. The dollar strengthened on the news and the gold price at one point fell to $1,163.45 per ounce, its lowest level since the 1st of December 2014.
The U.S economy added 295,000 nonfarm jobs in February fuelling expectations that the Fed may raise interest rates sooner rather than later. The U.S dollar rose to an eleven year high against a basket of major currencies.
The bullion holding in the world’s largest gold ETF, the SPDR Gold Trust is now at a month low. Traders will now shift their attention to today’s meeting of Eurozone finance minister, who are due to discuss the latest set of pledges put forward by the newly elected Greek government.
Gold is currently trading at £777.92 per ounce, silver £10.56 per ounce, platinum 764.94 and palladium 546.89 per pounce.
Here at BullionByPost sales rose significantly as investors took advantage of the price dip to purchase physical gold and silver bullion.