Gold price under pressure as US interest rate rise looms

London (Mar 9)  Gold was trading in negative territory on the morning of Thursday March 9 in London, nearing the key psychological level of $1,200 per oz on expectations of a US interest rate rise.

Stronger-than-expected US ADP non-farm employment data released yesterday reinforced the chances of equally strong official payrolls data on Friday and a US rate rise next week. Spot gold was recently quoted at $1,204.00/1,204.40 per oz, down $4.20 on the previous close. Trade has ranged from $1,203.30 to $1,209.05 so far.

Source: Reuters