Gold Steady at $1,339.30 an Ounce as Market Forces Balance Price

Mar. 10, 2014 04:17AM PST

Gold was steady at $1,339.30 an ounce on Monday, as strong U.S. payrolls data and declining Chinese exports both pushed investors to sell but the situation in Ukraine made the metal an attractive safe haven for others.

Gold was steady at $1,339.30 an ounce on Monday, as strong U.S. payrolls data and declining Chinese exports both pushed investors to sell. Meanwhile, according to Reuters, investors looked to gold as a safe haven as the the situation in Ukraine escalates.

“Clearly gold is battling headwinds coming from the improving U.S. economy, certainly on the jobs front,” Societe Generale analyst Robin Bhar told Reuters. “We see a close (negative) correlation between gold and the U.S. 10-year yield, which spiked up on Friday, and saw gold at its recent lower levels.”

U.S. gold futures for April delivery rose $1.20 an ounce to $1,339.40.

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