Otmane El Rhazi from
The Bullion Desk.
- The gold price struck a two month low on Friday because a strong US non-farm payrolls reading could put added pressure on the Federal Reserve to raise interest rates in the near term.
- US total non-farm payroll employment increased by 295,000 in February and the unemployment rate edged down to 5.5 percent from 5.7 percent, which was significantly better than the forecast for the addition of 240,000 jobs and a 5.6-percent unemployment rate.
- Labour reports over the next several months will take on added significance because the Federal Reserve is on the verge of raising interest rates.
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