Gold prices slipped again in early trading amid rising risk appetite that turned traders away from the safety investment. With the fall, gold moved to a 2 1/2-month low.
June-stamped gold futures dropped to $880.10, down $17.20 for the session. Prices fell as low as $877.60 in the opening minutes of trading. Gold has dropped nearly $50 an ounce in a three-day slump amid hopes the economy is on the route to recovery.
The dollar rebounded in mid-morning trading against the euro, rising away from a weekly low. The buck hit an eight-week low versus the British pound before a slight recovery.
Crude oil prices also declined, reducing gold's hedge appeal. Light sweet crude for May settlement moved to $50.72, down $1.80 for the session.
On Friday, the most-actively traded June gold contract finished at $897.30, down $11.60 for the session. Gold for immediate delivery dropped $11.80 to $895.60. Investors mulled a Labor Department report that showed non-farm payroll employment fell by 663,000 jobs in March following an unrevised decrease of 651,000 jobs in February.
For comments and feedback: contact firstname.lastname@example.org