Jobs report hammers gold
Spot gold was down nearly two percent to $1,237 per ounce, a three-week low, after rosy job figures from the US were announced.
"Total nonfarm payroll employment rose by 257,000 in January, and the unemployment rate was little changed at 5.7 percent," the U.S. Bureau of Labor Statistics reported today. "Job gains occurred in retail trade, construction, health care, financial activities, and manufacturing."
Kitco said the U.S. stock market was up due to a “risk-on” attitude, while the safe-haven gold market dropped.
Gold's 52-week low is $1,142.30 per ounce and the 52-week high is $1,379.00 per ounce.
The BLS said employment within mining and logging showed "little change." Manufacturing employment increased by 22,000 over the month, including job gains in motor vehicles and parts (+7,000) and wood products (+4,000). Over the past 12 months, manufacturing has added 228,000 jobs.