Gold is at 5-month minimums on stronger greenback

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day.

Gold futures went down 0.16% being worth $1,251.10 a troy ounce, which is the lowest reading since July.

The US currency was also boosted after Thursday’s data disclosed that the previous week American jobless claims went down for third consecutive week.

Assessing the greenback’s value against a trade-weighted basket of six crucial currencies, the US dollar index tacked on 0.15% being worth 93.89, which is its highest value since November 21.

Traders seemed to neglect potential geopolitcal tensions following Donald Trump’s decision to officially recognize Jerusalem as Israel's capital and also to move the American embassy there.

Silver futures ascended 0.15% reaching $15.83 a troy ounce.

 

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