Gold down 1% to near 2-week low on strong dollar
Gold fell more than 1 percent on Monday, holding near its weakest level in two weeks, as the dollar firmed against other currencies on signs of an improving US job market and as holdings in exchange-traded funds slipped again.
US labour market data has pointed to a steady recovery trend in the world's largest economy, fuelling speculation the Federal Reserve could scale back its aggressive monetary stimulus aimed at supporting growth.
Gold fell USD 17.10 an ounce to USD 1,430.60 by 01.59 GMT, nearing Friday's low of USD 1,420.61, its weakest since April 24. Gold has fallen more than 14 percent this year as investors switch funds into a rallying equity market and the dollar.
"So far, nothing in the market bodes well for an upside in gold. Gold needs to break above USD 1,487 to show an upward correction," said Joyce Liu, an investment analyst at Phillip Futures in Singapore.
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