Gold declined for a third straight day as U.S. employment data that beat estimates strengthened the dollar and supported the case for higher borrowing costs in the world’s largest economy. Silver fell while palladium climbed.
Bullion for immediate delivery fell as much as 0.4 percent to $1,187.27 an ounce, and traded at $1,189.84 at 8:49 a.m. in Singapore, according to Bloomberg generic pricing. The metal on Dec. 1 sank to a three-week low of $1,142.88 as oil slumped.
The Bloomberg Dollar Spot Index headed for the highest close since 2009 before data this week that may show a measure of U.S. consumer confidence rose to a seven-year high. A Dec. 5 report showed American employers added 321,000 jobs last month, backing the case for the Federal Reserve to raise interest rates as Europe, Japan and China boost stimulus to spur growth.
Gold is 1 percent lower this year, in part as the Fed ended an asset-purchase program that failed to stoke inflation. Crude prices in New York and London are at five-year lows as the U.S. stepped up production and the Organization of Petroleum Exporting Countries took no action to ease an oversupply.
Source: Bloomberg