Gold held a drop from the highest level in seven weeks as the dollar strengthened before the Federal Reserve publishes minutes of its March meeting.
Bullion for immediate delivery traded at $1,210.56 an ounce at 9:16 a.m. in Singapore from $1,209.22 on Tuesday, when prices climbed to $1,225, the highest since Feb. 17, according to Bloomberg generic pricing. Gold in Shanghai retreated.
Job openings in the U.S. climbed to a 14-year high, indicating companies are optimistic about the prospects for sales and the U.S. economy, Labor Department data showed Tuesday. A report on Friday showed that payrolls climbed by 126,000 in March following a 264,000 gain a month earlier. Higher interest rates cut bullion’s allure because the metal generally offers returns only through price gains.
Gold for June delivery lost 0.1 percent to $1,209.60 an ounce on the Comex. Bullion of 99.99 percent purity declined 0.2 percent to 241.05 yuan a gram ($1,209.72 an ounce) on the Shanghai Gold Exchange.
Silver for immediate delivery was at $16.8603 an ounce from $16.8575 on April 7. Platinum fell 0.1 percent to $1,171.50 an ounce and palladium dropped 0.2 percent to $768.70 an ounce.
Source : Bloomberg