Gold futures tumbled by almost 2 per cent in the domestic market on Friday tracking weakness in the yellow metal overseas as better than expected US jobs data infused optimism over the health of the world’s biggest economy, eroding the safe haven appeal for the bullion, while keeping the door open for further tightening of interest rates by the US Federal Reserve later this year following a maiden hike in borrowing costs since 2006 in December, dimming the lure for gold as a store of value.
The US economy added 215,000 jobs in March, compared to a revised 245,000 in February, and topping analysts’ estimates of 205,000. Meanwhile, a US factory gauge expanded for the first time in seven months in March, also offering evidence of strength in the American which may convince the Fed to proceed with gradual rate hikes.
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