Gold inches lower as equities rally after US jobs data

Among other precious metals, silver fell 0.1% to $16.58/oz.

Gold fell on Monday as the previous session's upbeat USA payrolls data sparked a fresh rally in stock markets and shored up expectations that the Federal Reserve would press ahead with further interest rate hikes this year.

Gold slipped to its lowest in a week on Friday after the payrolls report, having come under pressure earlier in the week after failing to break through the $US1,340 an ounce level for a second time in two weeks.

Spot gold was flat at $1,323.07 an ounce at 3.15am GMT.

Dubai gold prices are Dh160.25 for 24-karat and 22-karat can be bought for Dh150.50. "Not much fund is flowing into gold", said a Hong Kong-based trader.

Inflation worries faded after USA data on Friday showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 percent after a spike in January.

Money market traders stuck to bets that the Fed would raise interest rates three times this year after data released on Friday showed USA job growth recorded its biggest increase in more than one-and-a-half years in February. "Slowdown in the growth of wages last month has certainly eased concerns about more aggressive rate hikes", said ANZ analyst Daniel Hynes.

Mourinho Talks Up United's UCL Chances, Confirms Martial Return, Unsure Of Pogba
But when you draw away, even though it's a 0-0, we get to decide the tie at home. "So not to win would be a disappointment". Anthony Martial missed both games last week, but Mourinho confirmed he is fit and the French star trained with the team.

Money market traders stuck to bets that the US Federal Reserve would raise interest rates three times this year, with the chance of a fourth increase in 2018 put at only about one in four.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

US Treasury yields advanced after the jobs data, while stock markets rallied as the numbers sparked a surge in risk appetite.

"We still are somewhat wary on gold short-term as we suspect that the precious metal will struggle on account of a stronger dollar, which we expect to start perking up as we head closer to the (next) Fed meeting", INTL FCStone analyst Edward Meir said in a note.

Spot gold may revisit its March 9 low of $1,312.99 per ounce, as suggested by a double-top and a retracement analysis, according to Reuters technical analyst Wang Tao.

Speculators raised their net long position in gold by 4,178 contracts to 161,812 contracts in the week to March 6, Commodity Futures Trading Commission (CFTC) data showed. Palladium was 1 percent lower at $986.22 an ounce, while platinum was down 0.8 percent at $957.40 an ounce.

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