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Spot gold showed a slight recovery from its lowest point in nearly three months as weak U.S. job data fueled fears about the economy. However, the yellow metal still faces obstacles.
Spot gold showed a slight recovery from its lowest point in nearly three months as weak U.S. job data fueled fears about the economy. However, the yellow metal still faces obstacles.
According to Reuters:
The metal is under pressure as the euro languishes near a 14-month low versus the dollar on Friday, struggling to regain its footing after the European Central Bank delivered a fresh round of stimulus and promised even more if needed. A stronger greenback is a setback for dollar-denominated gold as it makes the metal more expensive for users of other currencies.
Victor Thianpiriya, an analyst at ANZ, said:
The key U.S. payrolls release is expected to be a strong print which may prompt further selling in gold late in the day in today’s session.
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