FX & CFD trading involves significant risk
Gold prices at auction on Monday fluctuate within the range Friday, as improved U.S. economic performance reduces the appeal of gold as a safe investment.
Employment in the U.S. economy, excluding the agricultural sector in January increased by 157,000, while analysts had expected growth to 160,000.
Industrial production growth accelerated in January: the combined purchasing managers index (PMI), which is calculated by Markit, rose to 55.8 points from 54.0 points in December.
However, gold prices have experienced downward pressure due to the release of more positive-than-expected data on the manufacturing sector in January, which signaled the continuation of recovery.
Prospects for the gold price remains negative as the downtrend remains, said Matt Zeman, head of trading arm Kingsview Financial. Gold futures fell by 7.1% from October 4 reached a peak in 1798.60 dollars per troy ounce.
Demand in the physical market due to sluggish Asian low prices. Activity in the Chinese market will slow this week before the week-long celebration of the New Year according to the lunar calendar.
Stocks of the world's largest exchange-traded fund backed by gold ETF SPDR Gold Trust in January fell by 22.728 tons, which was the largest outflow since July 2012.
February futures price of gold on COMEX today fell to 1661.60 dollars an ounce, and then rose to 1672.70 dollars per ounce.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.