Gold attempts recovery after last week`s losses

Published on Feb 06, 2023 11:41

Gold prices recovered slightly on Monday from sharp losses registered last week as the dollar firmed against its major counterparts after data showed stronger than expected growth in U.S. non-farm payroll employment in the month of January. The dollar index that measures the greenback against a basket of currencies surged to 102.96. Data from the Labor Department showed that non-farm payroll employment soared by 517,000 jobs in January after surging by an upwardly revised 260,000 jobs in December. The strong jobs data raised concerns that interest rates would remain elevated for the foreseeable future. Meanwhile, COMEX Gold futures are up half a percent at $1,885.90 an ounce. Gold futures shed 2.7% last week.