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Gold prices were subdued last Friday as the dollar strengthened, but they were stuck in a narrow range ahead of US non-farm payrolls data that could provide further clarity on the economic damage from the coronavirus.
Spot gold was down 0,15 percent at $1 610,46 per ounce.
The metal has declined nearly 0,5 percent so far this week after an 8 percent jump in the previous week. US gold futures dropped 0,6 percent to $1 627, 90 per ounce.
“The US dollar is moderately stronger and that’s weighing on the gold prices,” said Bank of China International analyst Xiao Fu.
“It’s still a tug-of-war situation for gold between the virus and the equity markets; when equity markets further sell off, there is request for margin calls again.
“So it’s very unclear if there will be an upward trend, and gold is expected to be range-bound in the near-term.” — Reuters.
Online Reporter