The price of gold in the spot market this morning was recorded at the position of U.S. $ 1124.36 per ounce, or down from yesterday’s position in the level of U.S. $ 1136.76 per ouonce, the data revealed.
Meanwhile, from Singapore reported contract price of gold also fell on the second day because of the strengthening U.S. dollar pushed the demand for the precious metal as an alternative asset.
Greenback currency strengthened against the currencies of six out of basketball ahead of today’s employment report, which economists predicted would show a contraction in the 2 years running, an indication that the country with the world’s largest economy began to rise from recession. Gold rose 24% in 2009 because the Federal Reserve keep interest rates near zero in order to encourage growth.
U.S. dollar experienced gains of 0.8% against the basket of six currencies yesterday.
Gold for immediate delivery stumbled 0.6% to U.S. $ 1125.18 per ounce at 9:19 pm in Singapore. February gold contract trimmed 0.6% to as low as U.S. $ 1125.30 per ounce.
Among the other precious metals, silver-trimmed 0.7% to U.S. $ 18.105 an ounce, platinum stumbled 1.1% to U.S. $ 1537.70 per ounce and palladium fell 0.4% to U.S. $ 424.74 per ounce
