Gold Holds Near One-week High

Gold prices eased slightly on Monday after climbing 1 percent on Friday following data that showed U.S. employment growth almost stalled in February.

Spot gold dipped 0.2 percent to $1,296.10 after briefly hitting the $1,300 level for the first time since March 1 the previous day. U.S. gold futures also slipped 0.2 percent to $1,296.15 an ounce.

The dollar held steady in European trade as investors await a slew of data this week for further clues on the outlook for the world’s largest economy.

Reports on retail sales, consumer and producer prices, durable goods orders, new home sales, and industrial production are awaited this week.

U.S. government debt prices are moving lower after Fed Chair Jerome Powell said on Friday that the U.S. economy is still strong and interest rates are currently “appropriate” and “roughly neutral.”

The British pound is gaining some ground after seeing a sharp slide to hit three-week lows last week.

After Prime Minister Theresa May failed to secure significant concessions from the European Union in the latest round of talks, and with just two cabinet ministers backing her, she is facing increasing pressure to resign, the Telegraph reported.

It is believed that Tuesday’s vote on her Brexit deal could result in an even worse humiliation.

The material has been provided by InstaForex Company – www.instaforex.com

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