Gold Steady Below $1270 on Weak Jobs Data

Gold held steady above $1,260 an ounce on Monday, clinging to gains from the previous session on a disappointing U.S. non-farm payrolls report that pressured the dollar, with investors also eyeing developments in the Ukraine crisis.

Spot gold had eased slightly to $1,267.54 an ounce by 0030 GMT, following a 0.6 percent gain on Friday after data showed U.S. employers hired the fewest number of workers in eight months in August, providing a cautious Federal Reserve with more reasons to wait longer before raising interest rates.

But safe-haven gold logged a weekly decline as Ukraine and pro-Russian rebels agreed on a ceasefire, seen as the first step towards ending a conflict in eastern Ukraine. A weaker euro also hurt bullion.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.