Gold's losing streak post US jobs surprise continues
December gold extended losses on Tuesday, falling by as much as $15 an ounce to touch $1,762 an ounce – a two-week low.
A strengthening dollar on the back of positive US employment news out last week continued to add negative pressure on the precious metal.
The better-than-expected non-farm payrolls numbers may mean that the Federal Reserve will end QE3 Infinity – the open-ended third round of quantitative easing in the US to keep interest rates low and flood markets with cheap money – sooner rather than later.
Ahead of the jobs report traders pushed the metal to within sight of 2012 highs of just under $1,800, as loose monetary policy in the US adds to gold's allure as an inflation hedge and storer of wealth amid currency depreciation.