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Gold falls to near 1-week low

Tuesday, September 02 08:06:54

Gold fell to its lowest level in nearly a week on Tuesday as a stronger dollar outweighed any safe-haven demand from lower equities and heightened tensions over Ukraine.

The dollar strength ahead of this week's European Central Bank policy meet and U.S. non-farm payrolls data has precious metals traders worried that gold could fall to lower levels in the next few sessions.

Spot gold fell 0.5 percent to $1,281.20 an ounce by 0631 GMT, after earlier dipping to $1,280.10 - its lowest since Aug. 27.

Markets are primarily focused on the ECB meeting on Thursday as they seek clarity on the bank's response to a stalled recovery, disappearing inflation and the sluggish pace of reform in the euro zone.

Weak euro zone data, along with the Ukraine crisis and possibility of an imminent policy easing, has kept the euro under pressure, boosting the dollar.

Bullion investors were also eyeing U.S. non-farm payrolls data and the unemployment rate due on Friday to gauge the strength of the world's biggest economy and its impact on the Federal Reserve's monetary policy. (Reuters)

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