Gold dips after strong United States data lifts dollar

How the Dollar Affected Gold on October 4

Gold has rowed back about 6 percent since touching $1,357.54 an ounce in early September, the highest in more than a year.

USA gold futures GCcv1 for December delivery settled up $2.20, or 0.2 percent, at $1,276.80 per ounce. Gold prices have fallen more than 1% this week and are facing their fourth straight week of decline, the metal's longest run of weekly losses this year.

"The dollar is strong. We might see some action only then", said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

"Gold no doubt is struggling for the moment as at least three variables are arrayed against it, namely, a stronger dollar, a higher rate environment and possibly a reduction in tensions with North Korea if tentative contacts revealed over the weekend amount to something", INTL FCStone analyst Edward Meir said in a note.

The dollar on Tuesday rose versus the yen and climbed to its highest since mid-August against a basket of major currencies, extending gains from the previous session when it rose on higher U.S. Treasury yields and strong manufacturing data.

Investors will be watching for USA payroll and unemployment data later in the day. Menke said he expected a strengthening dollar and normalisation of speculative positioning to push gold to $1,200 an ounce by the end of the year.

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Investors would be listening closely to comments by Fed Chair Janet Yellen later Wednesday at a Federal Reserve Bank of St. Louis event, for more hints about possible USA interest rate increases through 2018, Haworth added.

The Fed will need to raise rates further to keep the economy on track to full employment and the central bank's 2 per cent inflation goal, Kansas City Fed President Esther George had said on Thursday. Spot gold was up 0.1 percent at $1,272.05 an ounce at 1430 GMT after the dollar and USA bond yields weakened from earlier highs.

As for other precious metals, silver for December delivery went up 1.4 cents, or 0.08 percent, to close at 16.638 dollars per ounce. Platinum edged up 0.2 per cent to $913 an ounce, while palladium eased 0.1 per cent to $938 an ounce.

The rebound in gold was mainly due to the drop in the United States dollar on Wednesday.

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