* Asian physical demand supports gold prices
* Palladium rises to highest since June 19
(Updates prices; adds comment, NEW YORK dateline)
By Marcy Nicholson and Maytaal Angel
NEW YORK/LONDON, Sept 7 Gold fell on Friday as
the dollar resumed its rally versus a currency basket after
stronger-than-expected payrolls data cemented expectations that
the Federal Reserve will raise interest rates in September, in
what would be its third hike this year.
A stronger dollar makes dollar-priced gold costlier for
U.S. jobs growth accelerated in August, with wages notching
their largest annual increase in nine years, strengthening views
the economy was so far weathering the Trump administration's
escalating trade war with China.
Spot gold fell 0.4 percent at $1,195.48 an ounce by
2:49 p.m. EDT (1849 GMT), and was on track to close the week
down 0.5 percent.
U.S. gold futures settled down 0.3 percent at
$1,200.40 an ounce.
"The biggest jump in average hourly earnings this year
bashed bonds and drove the dollar higher, which was enough to
break gold’s two-day winning streak," said Tai Wong, head of
base and precious metals trading at BMO Capital Markets in New
He noted that gold closed under $1,200 for the second time
in four weeks "as market ponders if wage pressures are finally
emerging, which may tip the Fed towards a December rate hike."
The greenback has soared this year on escalating U.S.-Sino
trade tensions, though it has lost some steam this week to rival
safe-haven currencies like the yen and Swiss franc even as
investors brace for new U.S. tariffs on China.
"I'm struggling to (see) how the dollar could extend gains
from here. Other central banks are becoming hawkish, the pound
could come back up and the euro, once the ECB starts tightening.
Gold is due for a rally," Fawad Razaqzada, analyst at FOREX.com,
An overnight report bolstered the yen after suggesting U.S.
President Donald Trump would next take up trade issues with
Japan, indicating possible headwinds for the dollar.
Battered emerging market currencies have
also recovered their poise versus the dollar.
"The stronger yen versus the dollar is leading to some
buying in gold. ... The recent low of around $1,160 in August is
really the bottom in gold for now," said Yuichi Ikemizu, Tokyo
branch manager, ICBC Standard Bank.
Spot silver was up 0.2 percent at $14.15 per ounce,
while palladium rose 0.6 percent to $979.40, after
tapping the highest level since June 19 at $990.
Platinum fell 1.6 percent to $778.49.
The global platinum market will be oversupplied by 295,000
ounces this year as both supply and demand of the autocatalyst
metal fall by 2 percent, the World Platinum Investment Council
(WPIC) said on Thursday.
(Additional reporting by Nallur Sethuraman in Bengaluru;
editing by Alexander Smith and Leslie Adler)
SAO PAULO/NEW YORK Brazilian coffee exporters are struggling to find shipping capacity to transport a bumper crop from the world's top producer, which could result in supply delays to roasters worldwide.
SAO PAULO/NEW YORK, Aug 23 Brazilian coffee
exporters are struggling to find shipping capacity to transport
a bumper crop from the world's top producer, which could result
in supply delays to roasters worldwide.
CALGARY Canadian microbreweries are facing a shortage of cans and higher costs, forcing some to cut beer production after the country imposed retaliatory import duties on U.S. aluminum imports in the busy summer season.
CALGARY Executives at Canada's largest integrated oil and gas producers on Tuesday downplayed the severity of transportation bottlenecks to move oil in the near term, citing existing pipeline commitments and refining capabilities.
CALGARY, Alberta The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame.
CALGARY Canada's energy heartland is showing a spark of optimism at the Calgary Stampede, an annual rodeo and corporate networking destination, with party sizes and event attendance on the rise as oil prices claw up from the 13-year lows of 2016.
CALGARY, July 9 Canada's energy heartland is
showing a spark of optimism at the Calgary Stampede, an annual
rodeo and corporate networking destination, with party sizes and
event attendance on the rise as oil prices claw up from the
13-year lows of 2016.
CALGARY/LONDON Brent oil rose on Wednesday, driven higher by a threat from an Iranian commander and a drop in U.S. crude inventories for the second week in a row.
LONDON Gold drifted lower on Thursday despite a weaker dollar as investors worried that U.S. Federal Reserve minutes would highlight the prospect of further rate hikes.