Gold Futures Hit 1-month Low At $1,208.87

Gold

Gold futures, on Wednesday, March 8, hit a 1-month low after the ADP employment report shattered estimates.

U.S. gold futures were down 0.62 percent at $1,208.60 after hitting its lowest since Feb. 3 at $1,208.70.

Spot gold fell 0.55 percent to $1,208.87 per ounce, after touching its lowest since Feb. 3 at $1,210.92, putting it on track for its fifth straight session in the red.

Investors are awaiting February non-farm payrolls data on Friday as a barometer of the U.S. economy after Federal Reserve Chair Janet Yellen said last week that the central bank was poised to lift rates provided jobs and inflation data held up.

These comments were seen as cementing plans for an increase at the Fed’s March 14-15 meeting.

Gold could dip below $1,200 before Friday’s data, Menke said.

On the other hand, ETF Securities’ Martin Arnold said he expected the backdrop of political risk in France and a lack of policy certainty in the U.S. to create support for gold prices as the interest rate increase was already priced in.

In other precious metals, silver edged down by 0.86 percent to $17.34 per ounce, after earlier touching $17.34, its lowest since Feb. 6.

Platinum slipped 0.94 percent lower to $950.74 per ounce. The metal hit its lowest since Jan. 20 at $954 in the previous session.

Palladium inched up 0.03 percent, to $772.20 per ounce.

 

 

 

 

 

 

 

 

 

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