Gold Price Slides To 3-Month Low As Dollar Rallies

New York (Nov 4)  Gold futures fell Friday as upbeat manufacturing data overshadowed a relatively discouraging jobs report.

ISM nonmanufacturing index for October rose to highest level since August 2005, helping the dollar and denting gold prices.

Meanwhile, the US economy added 261,000 jobs in October as employment rebounded from anemic gains in the prior month due to hurricanes Harvey and Irma.

Employment was expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September.

Unemployment fell to 4.1% from 4.2%, but only because 765,000 people stopped looking for work.

Dec. gold declined by USD8.90, or 0.7%, to settle at USD1,269.20/oz, the lowest in three months.

AllianceNews

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