Precious Metals
D A I L Y B U Z Z
GOLD
Gold held onto gains on Monday following its biggest one-day jump in over three weeks as investor worries about an early US interest rate hike eased when the nonfarm payrolls report failed to meet market expectations.
Data on Friday showed that US non-farm payrolls increased by 192,000 jobs last month, slightly below economists' estimate of 200,000.
Markets feared that a strong jobs report, which followed a recent string of good economic data, could prompt a tightening of US monetary policy after Federal Reserve Chair Janet Yellen indicated last month that interest rates could rise in the first half of 2015.
Low interest rates, which cut the opportunity cost of holding non-yielding bullion above other assets, had been an important factor driving bullion higher in recent years. Spot gold was steady at $1,302.36 an ounce by 0349 GMT, after gaining 1.2 percent on Friday - its biggest percentage increase since March 12. The metal wasn't too far from a one-week high of $1,306.50 hit in the previous session.
D A I L Y B U Z Z
GOLD
Gold held onto gains on Monday following its biggest one-day jump in over three weeks as investor worries about an early US interest rate hike eased when the nonfarm payrolls report failed to meet market expectations.
Data on Friday showed that US non-farm payrolls increased by 192,000 jobs last month, slightly below economists' estimate of 200,000.
Markets feared that a strong jobs report, which followed a recent string of good economic data, could prompt a tightening of US monetary policy after Federal Reserve Chair Janet Yellen indicated last month that interest rates could rise in the first half of 2015.
Low interest rates, which cut the opportunity cost of holding non-yielding bullion above other assets, had been an important factor driving bullion higher in recent years. Spot gold was steady at $1,302.36 an ounce by 0349 GMT, after gaining 1.2 percent on Friday - its biggest percentage increase since March 12. The metal wasn't too far from a one-week high of $1,306.50 hit in the previous session.
