Gold Falls As Dollar Recovers

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Gold prices fell over 1 percent on Friday and headed for a weekly loss, as the dollar turned higher ahead of the all-important U.S. jobs data due tonight that will give clues on the extent of fiscal stimulus needed to prop up the coronavirus-hit economy.

Spot gold fell 1.1 percent to $1,893.03 per ounce, while U.S. gold futures were down about 1 percent at $1,893.70.

After an unprecedented chaotic and violent scenes unfolded at the U.S. Capitol on Wednesday, President Donald Trump called for calm and pledged to ensure a smooth and orderly transition of power to the new administration.

With control over the U.S. Senate, Democrats have the chance to expand the scope of what Biden can achieve as part of his energy transition agenda from coronavirus relief to infrastructure spending.

Focus now turns to the U.S. non-farm payrolls data due later in the day, with economists expecting employment to rise by 71,000 jobs in December after an increase of 245,000 jobs in November.

The unemployment rate is expected to inch up to 6.8 percent from 6.7 percent.


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