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gold price today: Gold hits over 4-week low as dollar edges higher

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gold price today: Gold hits over 4-week low as dollar edges higher

Gold prices hit a more than four-week low on Monday, as the US dollar firmed after stronger-than-expected jobs data fanned concerns that the Federal Reserve might keep hiking interest rates.


* Spot gold was little changed at $1,865.88 per ounce, as of 0045 GMT, after hitting its lowest level since Jan. 6 earlier in the session. US gold futures rose 0.2% to $1,879.40.

* The dollar index was 0.2% higher, making gold less attractive for buyers holding other currencies.

* Data on Friday showed US job growth accelerated sharply last month, with nonfarm payrolls surging by 517,000 jobs – well above an estimate of 185,000. The unemployment rate hit more than a 53-1/2-year low of 3.4%.

* Interest-rate futures traders moved after Friday’s job report to price in a further interest-rate increase in May, which would bring the policy rate to the 5%-5.25% range, and are now expecting eventual Fed rate cuts to start in November versus in September previously.

* High interest rates usually dim bullion’s appeal since they translate to an increased opportunity cost of holding the asset, which pays no interest. * Data on Friday also showed US services industry activity rebounded strongly in January, with new orders recovering and prices paid by businesses for materials continuing to rise at a moderate pace.

* Physical gold demand in India ticked up last week, as jewelers resumed purchases after staying away for a couple of weeks hoping for an import duty cut in the government budget amid the wedding season.

* Spot silver lost 0.5% to $22.24 per ounce, platinum eased 0.1% to $973.04 and palladium slipped 0.5% to $1,616.54.

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