Gold Futures Fall as U.S. Adds More Jobs Than Forecast
06-Mar (Bloomberg) — Gold futures fell as the U.S. economy added more jobs in February than forecast, cutting demand for the metal as a store of value.
U.S. payrolls increased by 295,000 last month, government data showed Friday. Economists surveyed by Bloomberg expected 235,000. Faster economic growth has boosted concern that the Federal Reserve is getting closer to raising interest rates, damping gold’s allure because the metal generally offers returns only through price gains.
Bullion fell 5.2 percent last month, giving up most of its rally in January, as gains in U.S. equities and easing concern over Greece’s debt reduced buying of haven assets.