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7 Mar 2014
Gold tumbles on reduced haven demand
FXStreet (London) - Gold has fallen from its four-month highs after the stronger-than-expected US non-farm payroll print.
The US economy added 175k jobs in February, on top of an upwardly revised 129k jobs in January. However the statistics from the Labor Department showed that unemployment had risen to 6.7 percent from 6.6 percent, with increased numbers of people entering the workforce.
Gold had rallied 12 percent in the year-to-date, rallying on haven demand on concerns over the pace of US economic growth, as well as the effects of reduced post-tapering liquidity on emerging markets. The events in the Ukraine added to gold haven bids at the beginning of this week, but easing tensions combined with today's positive news for the US labour Parker have seen gold prices fall 1.18 percent to USD1,334.89/oz.
Silver has also seen a sharp decline of reduced haven demand, falling 2.67 percent to USD20.90/oz.
The US economy added 175k jobs in February, on top of an upwardly revised 129k jobs in January. However the statistics from the Labor Department showed that unemployment had risen to 6.7 percent from 6.6 percent, with increased numbers of people entering the workforce.
Gold had rallied 12 percent in the year-to-date, rallying on haven demand on concerns over the pace of US economic growth, as well as the effects of reduced post-tapering liquidity on emerging markets. The events in the Ukraine added to gold haven bids at the beginning of this week, but easing tensions combined with today's positive news for the US labour Parker have seen gold prices fall 1.18 percent to USD1,334.89/oz.
Silver has also seen a sharp decline of reduced haven demand, falling 2.67 percent to USD20.90/oz.