Gold prices fell, pressured by a stronger dollar as elevated oil prices on the back of a protracted Iran war and stronger-than-expected US jobs data dampened hopes for interest rate cuts by the Federal Reserve, reports Reuters.
Spot gold slipped 0.9 per cent to $4,631.69 per ounce by 0306 GMT, while US gold futures for April delivery lost 0.5pc to $4,657.50 in thin liquidity trade, with many markets in Asia and Europe closed for a holiday.
“The latest robust NFP print has reinforced hawkish central bank nerves, while persistent oil-driven inflation fears continue to crowd out gold’s traditional safe-haven sparkle,” said Tim Waterer, chief market analyst, KCM Trade.
