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Gold prices dipped more than 2 per cent on Friday as investors’ hopes of a rebound in the global economy got a boost from stronger-than-expected US non-farm payrolls data, reducing demand for safe havens.
Spot gold slid 2 per cent to $1,675.70 per ounce at 11:08 a.m. ET (1508 GMT). US gold futures fell 2.8 per cent to $1,678.40.
Bullion has declined about 3 per cent so far this week, on track for its biggest fall since the week ending March 13.
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“We had significantly stronger-than-expected US payroll numbers – an increase of 2.5 million versus an expectation of a decline of 7.5 million – that 10-million swing has brought forward expectations of the economic recovery in the United States,” said Bart Melek, head of commodity strategies at TD Securities.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
Wall Street jumped as the latest data from the United States showed a drastic fall in the unemployment rate to 13.3 per cent in May from 14.7 per cent in April as layoffs abated
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