Gold tempts $1,200/oz
London (Oct 3) Gold sustained fresh losses on Friday morning and looks susceptible to falling below the lowest this year should blockbuster US jobs data pressure it lower, while platinum has hit a five year-low.
Spot gold was last at $1,206.20/1.207.70 per ounce, down $7.20 on Thursday’s close, while platinum at $1,243/1,253 was down $21 at its lowest since a September 2009 low.
Strong underlying support at $1,200 has kept gold above key levels so far but the yellow metal could test fresh 2014 lows around $1,203 should the closely watched US labour report later today extend the dollar’s rally.
“Gold’s focus will be on the September US non-farm payrolls. A stronger-than-expected print would open up further downside, which is currently vulnerable given the absence of key physical markets,” UBS’ Edel Tully said in a note.