Gold fell to a three-week low on Wednesday as data showed the U.S. private sector added more jobs than expected in May and prospects increased of a debt deal for Greece.
U.S. private employers added 201,000 jobs, above the 165,000 in April and economists’ estimate of a 200,000 gain.
Spot gold was down 0.7 percent at $1,185.56 an ounce by 2:56 p.m. EDT (1856 GMT) after falling more than 1 percent to the lowest since May 11 at $1,179.43. U.S. gold futures for August delivery settled down $9.50 at $1,184.90.
Gold fell despite the U.S. dollar hitting its lowest against the euro in over two weeks after the European Central Bank kept monetary policy steady. European shares turned lower but U.S. stocks extended gains, a source of pressure for gold prices, after the Federal Reserve’s Beige Book showed U.S. economic activity expanded from early April to late May.
Source : Reuters