Forexpros –
Forexpros – Gold futures traded lower Friday as solid U.S. non farm payroll numbers strengthened the greenback thus depressing the precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,693.65 a troy ounce during U.S. morning trade, falling 0.30%.
It earlier hit a high of USD1707.35 and a low of USD1677.55 a troy ounce.
Gold futures were likely to find support at USD1,663.75 a troy ounce, Tuesday’s low and the lowest since January 26 and resistance at USD1,709.75, Tuesday’s high.
Supporting the precious metal, Greece revealed that 95.7% of bondholders cooperated in its debt swap deal, but only after it used an option to force participation.
Holders tendered EUR152 billion of Greek law bonds representing 85.8% in response to the offer to swap their holdings.
The International Swap and Derivative Association determination committee will meet at 1 p.m. London time to determine if a credit event has occurred in Greece.
In addition, euro zone finance ministers will meet at the same time to clarify if the swap was successful enough to warrant the EUR130 billion rescue package for the island nation.
However, in gold bearish news the US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, rocketed 1.05% to trade at USD80.01.
Gold was was depressed on better than expected non farm payroll figures. The 227,000 increase in payrolls followed a revised 284,000 gain in January that was bigger than first estimated, Labor Department figures indicated.
The median projection of economists in a Bloomberg News survey called for a 210,000 rise in February employment. The jobless rate held at 8.3 percent.
Elsewhere on the Comex, silver for May delivery climbed 0.45% to trade at USD33.98 a troy ounce, while copper for May delivery advanced 1.56% to trade at USD3.85 a pound.
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