Today’s AM fix was $1,196.50, €1,090.60 and £787.85 per ounce.
Yesterday’s AM fix was $1,199.75, €1,082.67 and £786.46 per ounce.
Gold dipped under $1,200 an ounce this morning and looks likely to rack up its fifth weekly drop in six weeks, while the U.S. dollar climbed near eleven year highs before the U.S. nonfarm payrolls report at 1330 GMT.
Silver looks set for a second weekly drop in three weeks, while platinum is on track for a sixth weekly drop in seven weeks.
A Reuters poll of analysts expect U.S. payrolls to have increased 240,000 last month and the jobless rate to have fallen from 5.6% from 5.7%.
Spot gold in late morning trading in London was off 0.3% at $1,194.70 an ounce. Comex U.S. gold for April delivery was down $1.30 an ounce to $1,194.90.
Chinese gold prices were about $4-$5 an ounce higher than the global benchmark at the Shanghai Gold Exchange (SGE) showing demand remains robust in China.
Chinese gold withdrawals on the SGE were robust at 37.917 tons for the week and are continuing at a run rate which suggests another 2,000 tons of demand in 2015.
Draghi said yesterday that the ECB’s monetary experiment of €1.1 trillion of bond buying in the euro zone will begin next Monday, March 9, and will continue until Sept 2016. This has led to the euro falling further against the dollar and sterling.
The pound hit a more than seven-year high against the struggling euro today, as interest rate differentials moved in favour of the British pound and the ECB confirmed it is set to launch its ‘bazooka’ euro debt monetisation programme.
The pound, though, fell against the dollar, easing to near four-week lows ahead of a U.S. jobs report, with concerns about a potentially unsettling British election in May also weighing.
Thus, the euro has fallen against gold and euro gold eked out small gains this week (see chart).