December 2, 2016
Gold Rises from 10-Month Lows as Dollar Sags
(Reuters) - Gold recovered from its lowest level since early February on Friday, snapping three sessions of losses, as the dollar fell against a basket of currencies ahead of U.S. payrolls data due later in the day.
Spot gold was up 0.3 percent at $1,174.10 an ounce by 0035 GMT. The metal dropped its lowest since Feb. 5 at $1,160.38 in the previous session.
Gold was trading down 0.7 percent for the week, on track to post a fourth consecutive weekly decline.
U.S. gold futures gained 0.6 percent at $1,176.50 per ounce.
The dollar sagged early on Friday against its peers as investors took a cautious view ahead of a looming U.S. jobs report that could set the tone in coming days.
U.S. factory activity accelerated to a five-month high in November amid a pickup in new orders and production, suggesting that the manufacturing sector was regaining its footing after a prolonged slump.
Dallas Federal Reserve Bank President Robert Kaplan on Thursday said he is keeping his forecast for 2-percent U.S. GDP growth next year intact despite the possibility of new economic policies from the incoming U.S. president.
The ECB will extend its bond purchases beyond March and consider sending a formal signal after its policy meeting next Thursday that the programme will eventually end, senior sources with direct knowledge of discussions said.
The Perth Mint said on Thursday that its sales of gold and silver products fell in November.
India's overseas purchases of gold could halve this month after jumping to the highest level in 11 months in November because retail demand has faltered due to the government's move to scrap high-value currency notes, industry officials told Reuters.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.54 percent to 870.22 tonnes on Thursday from 883.86 tonnes on Wednesday.