Gold price falls on stronger US dollar

New York (Jan 7)  Gold on Friday slipped from the one-month high touched in the previous session on a surge in dollar, with traders waiting for U.S. jobs data later in the day for clues on the pace of possible U.S. interest rate hikes this year.

Spot gold eased 0.3 percent to $1,176.36 per ounce by 0543 GMT. The metal on Thursday hit its highest since Dec.

5 at $1,184.90. U.S. gold futures were down 0.4 percent, at $1,177 per ounce.

"We can see a bit of profit-taking ahead of the nonfarm payroll data," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

A firm dollar will put pressure on gold prices ahead of Donald Trump´s inauguration, he said.

U.S. services sector activity held at a one-year high in December as new orders surged, while the number of Americans filing for unemployment benefits fell near a 43-year-low last week, suggesting the economy ended 2016 with strong momentum.

Source: TheNews