- CNTV English - CCTV News

Homepage > News > Biz >

Gold falls on upbeat job data, tightening concerns

04-02-2011 09:33 BJT

CHICAGO, April 1 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange retreated on Friday, dented by stronger-than-expected U.S. job data and increasing concerns that U.S. Federal Reserve may tighten monetary policy soon. Silver and platinum both dropped.

The most active gold contract for June delivery fell 11 U.S. dollars, or 0.8 percent, to 1,428.9 dollars per ounce.

The U.S. Labor Department announced Friday that the unemployment rate dropped to 8.8 percent, which is the lowest since March 2009. The nonfarm payrolls increased by 216,000 in March, representing stronger-than-expected growth.

A market analyst noted that signs of improving economy will encourage Fed policy makers to raise the interest rate sooner than later, and the recent hawkish comments from Fed's officials implying that interest rate should rise by as much as 75 basis points by the end of year, helped keep unnerved investors away from gold.

A trader mentioned that the prospect of rising interest rates cast a shadow over the gold outlook, as it will raise the opportunity cost of holding the bullion significantly.

Meanwhile, strong gains by the greenback Friday morning, along with investor's profit-taking after gold hit settlement high in the previous session have both contributed to negative tone for the gold market.

May silver dropped 15.6 cents, or 0.4 percent, to 37.732 dollars. July platinum fell 6.3 dollars, or 0.4 percent, to 1,776. 9 dollars per ounce.


Editor:Yang Jie |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program