Gold Price Hits Lowest Level Since March 2017 As Dollar Firms Up

London (Aug 3)  Spot gold was down 0.11% at USD1,209.24 an ounce after earlier dropping to its lowest since March 15 last year at USD1,204. US gold futures were down 0.26% at USD1,216.90 an ounce.

The dollar hit a two-week high as investors braced for a strong US jobs report.

US employment is expected to increase by 190,000 jobs in July, while the unemployment rate is expected to edge down to 3.9%.

Strong numbers may push yields and the dollar higher and add to fears of more interest rate hikes.

China's offshore yuan hit a fresh 13-month low of 6.9050 in Asian trading after the Trump administration threatened to double tariffs on a range of Chinese imports worth about USD200 billion and Beijing vowed to retaliate.

AllianceNews