Gold futures prices turned lower upon settlement at the end of the trading week, the day before yesterday, after data showed an acceleration in non-farm job growth in the United States during the month of November in conjunction with a decline in the unemployment rate.
Upon settlement, gold futures prices for February delivery fell 1.55%, or $31.9, at $2,014.5 per ounce, ending their 3-week series of gains, after recording losses of 3.6% last week. The value of the dollar index rose 0.45% to 104 points during trading after touching 104.26 points.
The Fed Watch tool showed that investors' preference for the start of monetary policy easing by the Federal Reserve next May has shifted to 49.6% instead of previous expectations, which indicated a rate cut at the March 2024 meeting.
The US economy added 199,000 jobs in November, higher than expectations of 190,000, while the unemployment rate fell to 3.7% in November from 3.9%.
