Gold Edges Down As Investors Continue To Push Into Equities COMMODITIES: Gold Edges Down As Investors Continue To Push Into Equities
08:42 AM EST, 01/10/2020 (MT Newswires) -- Gold traded lower early on Friday as investors moved to riskier stocks and the U.S. dollar strengthened.
Gold for February delivery was last seen down US$4.20 to US$1,548.45 per ounce in Comex electronic trade.
Markets continued their upward path on Friday that began when the U.S. and Iran moved two days ago to ease tensions spurred by the United States' assassination of Iraq's most senior general on Jan.3. Stock markets in Asia and Europe were mostly higher while futures point to a higher open on U.S. markets, steering investment away from gold.
A weak U.S. employment report may provide some support for the metal, with the country adding just 145,000 jobs in December, well under both the 180,000 increase forecast by Action Economics and the 256,000 jobs added in November.
The U.S. dollar rose, making gold less affordable for international buyers. The ICE dollar index was last seen up 0.09 points to 97.54.
Cheers to the patient