Gold hit its lowest level in nearly 17 months on Friday as investors watched moves in the U.S. dollar and the Chinese yuan.
Spot gold was down 0.11 percent at $1,209.24 an ounce after earlier dropping to its lowest since March 15 last year at $1,204. U.S. gold futures were down 0.26 percent at $1,216.90 an ounce.
The dollar hit a two-week high as investors braced for a strong U.S. jobs report.
U.S. employment is expected to increase by 190,000 jobs in July, while the unemployment rate is expected to edge down to 3.9 percent.
Strong numbers may push yields and the dollar higher and add to fears of more interest rate hikes.
China’s offshore yuan hit a fresh 13-month low of 6.9050 in Asian trading after the Trump administration threatened to double tariffs on a range of Chinese imports worth about $200 billion and Beijing vowed to retaliate.
by RTTNews Staff Writer
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