Gold fell 1 percent on Friday, its biggest one-day loss in over a month, after encouraging U.S. payrolls data smashed hopes of extra stimulus from the Federal Reserve, which had been priced into bullion's recent rally.
Hiring in the U.S. accelerated in January for a third month and the jobless rate fell unexpectedly to the lowest point in almost three years, signaling the labor market is gaining momentum.
The economy created jobs at the fastest pace in nine months in January and the unemployment rate dropped to a near three-year low of 8.3 percent, indicating last quarter's growth carried into early 2012.
Gold prices held steady on Friday, on course for a fifth straight week of gains, as investors awaited a key U.S. labor market report after upbeat jobless claims data in the previous session helped send bullion to a two-month high.
Asian shares and the euro fell on Friday as debt restructuring talks between Greece and its creditors dragged on, undermining sentiment, and investors sat tight ahead of U.S. jobs data that will offer more clues on the health of the world's top economy.
Asian shares and the euro fell Friday as caution set in ahead of key U.S. jobs data, which will offer more clues over the state of the world's largest economy, while Greek debt restructuring talks dragged on and undermined sentiment.
A third round of large-scale asset purchases by the Federal Reserve is not needed and would compound the difficulties of tightening monetary policy when the time finally comes, a top Fed official said on Thursday.
Asian shares and major currencies were stuck in ranges Friday ahead of key U.S. jobs data, which will offer more clues over the state of the world's largest economy, while Greek debt restructuring talks dragged on.
The U.S. Federal Reserve may have more latitude to pursue easy-money policies if inflation runs below its newly-set 2-percent target, though such a move does not guarantee more jobs, a top central bank official said on Thursday.
The Federal Reserve may have more latitude to pursue easy-money policies if inflation runs below its newly-set 2-percent target, though such a move does not guarantee more jobs, a top central bank official said on Thursday.
As pro-business groups clamor to convince regulators to overhaul their draft of the controversial Volcker rule, fault lines are emerging within the opposition over just what a revamped draft should look like.
Federal Reserve Chairman Ben Bernanke on Thursday defended the U.S. central bank's policies against charges from Republican lawmakers they risked sparking inflation, saying the economy still needs plenty of support.
Europe's financial crisis still threatens the U.S. recovery, and the Federal Reserve will do everything it can to protect against damage to the economy, Fed Chairman Ben Bernanke said on Thursday.
Europe's financial crisis still threatens the U.S. recovery, and the Federal Reserve will do everything it can to protect against damage to the economy, Fed Chairman Ben Bernanke said on Thursday.
New U.S. claims for unemployment benefits fell last week, a government report showed on Thursday, pointing to more healing in the nation's battered jobs market.
Stock index futures were little changed on Thursday as investors looked ahead to weekly jobless claims data, one last clue about the state of the labor market before Friday's key non-farm payrolls report.
Many analysts remain bullish on gold and expect it to continue to rally in 2012.
Employers hired fewer workers in January than they did in December, showing companies and banks that lend to them remain concerned U.S. economic growth will cool after expanding rapidly in the fourth quarter of 2011, according to a survey of economists.
Gold rose on Wednesday as the dollar slipped against the euro and on strong global manufacturing data, while analysts said profit taking could pressure the precious metal after its biggest January gain in 32 years.
A top Federal Reserve official sharply criticized the U.S. central bank's decision last week to telegraph ultra low interest rates for nearly three more years, saying on Wednesday the move undermined confidence and caused confusion.
Based on his reception last night during his Florida primary speech, one would think Ron Paul and not Mitt Romney had won the Florida 2012 Republican primary last night. Watch what the Texas congressman had to say here, and read a full transcript of his words to his grassroots support.
Gold rallied for a second day on Wednesday as the euro rebounded following upbeat German economic data, building on gains in January that marked the metal's strongest starting month in 32 years.
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