Gold steady, seen vulnerable after strong US jobs data

Jul 04 2014, 20:28 IST
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SummaryGold edged up on Friday, gaining support from mixed European shares, but was vulnerable to further losses after falling in the previous session as strong U.S. jobs data lifted the dollar, denting gold's investment appeal.

13-YEAR HIGH

Other precious metals saw spot palladium rise as high as $865 an ounce, its highest since February 2001, before steadying up 0.7 percent at $860.50 an ounce.

Palladium, which along with platinum is used in catalytic converters in vehicle engines, was boosted by data earlier in the week that U.S. auto sales hit an eight-year high in June.

Strong demand from the auto industry and worries about supply after a five-month strike in major producer South Africa were pushing up prices, traders said.

Silver was up 0.1 percent to $21.12 an ounce, platinum was up 0.2 percent to $1,497.50 an ounce.

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