Gold Steady Above $1180 after U.S. Jobs Data

Gold fell 2 percent on Thursday after better-than-forecast U.S. jobs data encouraged investors to sell the traditional safe-haven market, reviving expectations the Federal Reserve could raise interest rates soon.

Data on Thursday showed claims for state unemployment benefits declined 34,000 to a seasonally adjusted 262,000 for the week ended April 25, the lowest reading since April 2000.

Separately, U.S. consumer spending rose 0.4 percent last month after rising 0.2 percent in February, while the Chicago Purchasing Management Index jumped more than expected in April.