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Gold dips to near 3-month low

Friday, September 05 08:32:49

Gold fell to its lowest in nearly three months on Friday before recovering modestly and was poised to post its third weekly drop in four, as a strong dollar and an optimistic view of the U.S. economy prompted selling in bullion.

The metal is under pressure as the euro languished 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.

Investors also refrained from taking big positions on Friday as U.S. non-farm payrolls data due later in the day is expected to give further clues about the world's largest economy and the timing of the Federal Reserve's move to raise interest rates.

Spot gold fell to $1,256.90 an ounce - its lowest since June 10, before ticking up 0.2 percent to $1,263.50 by 0622 GMT. The metal has lost nearly 2 percent this week.

Gold was also hurt after data on Thursday showed that U.S. companies hired workers at a steady clip in August and services sector activity accelerated to a 6-1/2-year high, assurances the economy was on track for sturdy growth in the third quarter. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund and a good measure of investor sentiment, said its holdings fell 4.78 tonnes to 785.73 tonnes on Thursday - the biggest one-day drop since mid-July. (Reuters)

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