Gold Futures Tumble As The U.S. Dollar Boosted by Upbeat Economic Data
Nov, 03rd 15:51
Gold futures prices reversed lower on Friday on the back of a strengthening U.S. dollar which was supported by upbeat economic data.
Gold futures for December delivery lost 0.87 percent to trade at $1,267.30 an ounce in North American trading session, on course for closing lower after two days of recording gains. The precious metal, which is denominated by dollar, was hit hard as the currency strengthened.
The Bureau of Labor Statistics on Friday reported that the U.S. economy added 261,000 jobs in October while the unemployment rate fell to 4.1% from a nearly 17-year low of 4.2% recorded in the previous month. The decline in jobless rate was partly due to a 765,000 plunge in the number of people in the labor force.
September’s initially reported loss of 33,000 jobs was revised to an 18,000 gain while August’s gain of 169,000 jobs was also revised upwards to 208,000.
Besides, the Institute for Supply Management published its report on non-manufacturing activities that showed the ISM services index rose to 60.1% from 59.8%, reaching the best level since Aug. 2005.
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