Gold futures fall to a two-week low

BY

Market digests ECB decision, awaits U.S. jobs report

Gold futures fell to their lowest level in two weeks Thursday, poised to extend their losing streak to three sessions as traders digested news that the European Central Bank lifted its key interest rate and awaited U.S. data on employment due at the end of the week.

"There appears to be no compelling reason to jump headlong into major positions, yet every sizeable trade appears to have a bit of an exaggerated price effect as thin conditions persist in the pits," an investment-products analyst at bullion dealers said.

The dollar traded slightly lower versus the euro Thursday after the European Central Bank lifted its key interest rate and suggested that more rate hikes are in the cards.

But gold traders awaited a government report on U.S. nonfarm payrolls for November, due Friday morning to see what effect the data have on the dollar.