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Gold is trading at $1223, down 0.8%. The metal had been drifting lower throughout the session, but the news that the US had created 238,000 new private sector jobs pushed it still further south. Economists had expected an increase of only 199,000 new jobs.
Tomorrow the US will announce its initial jobless claims report, and on Friday the unemployment rate will be released. The US central bank has pegged its policy to the jobs market, and if unemployment continues to drop we could see gold give up more ground.
At 7pm tonight (London time) the Federal Reserve will release the minutes from its latest meeting, during which it decided to reduce the size of its bond-buying programme by $10 billion per month. The stimulus package assisted the US economy, but it also made gold more attractive to buy due to the softness of the US dollar. Now that tapering has begun we are seeing a negative impact on gold. If tonight’s minutes are on the hawkish side we could find gold heading towards the $1200 level.