Good news for the U.S. economy, in the form of a solid jobs report, decked gold on Friday, leading some analysts to write the yellow metal off for the year.
“It’s the nail in the coffin for gold,” said Howie Lee, an investment analyst at Phillip Futures, noting it fell despite increasing tensions over Greece. “It’s increasingly likely [the Federal Reserve] will hike in June. Prospects of higher interest rates have proved to be a catalyst for gold’s downfall.”
On Friday, gold for April delivery fell as much as 3.6 percent in intraday from Thursday’s high, touching a low of $1,228.20 an ounce. In early Asian trade Monday, it recovered somewhat, trading around $1,237.10 an ounce
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