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Gold futures retreat, set for weekly loss
Dollar up versus rivals after comments from U.S. treasury secretary
Gold futures reversed course to trade lower Friday, poised to end the week with a loss of around $18 an ounce as the U.S. dollar climbed to one-week highs against the euro and yen, dulling investment demand for the precious metal.
The dollar rallied sharply Friday after U.S. Treasury Secretary Henry Paulson described Friday's nonfarm payrolls report as "very, very good news" for the economy.
He welcomed wage growth that has supplemented job gains and reiterated that a strong dollar is in the U.S. interest.
The dollar also gained against the yen on press reports that the Bank of Japan will not hike interest rates in December.
Against this backdrop, gold for February delivery fell $4.50 to trade at $632.50 an ounce on the New York Mercantile Exchange. It's trading nearly 3% below last week's close of $650.60.
The contract gained $1.10 on Thursday, but tallied a loss of $15 in the two sessions before that.
The dollar had fallen earlier Friday as traders digested the latest U.S. economic data.
A U.S. government report Friday on employment was mixed, with something to bolster nearly every theory about where the economy is heading, from boom to bust.
The dollar also saw pressure after a report from U.S. consumer sentiment eroded in December. |
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發表於 2006-12-9 02:08:32
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