Gold Falls Below Key $1,200 Level Ahead of U.S. Jobs Data

Gold fell below the key level of $1,200 an ounce on Friday and was on track for its worst week in four months, pressured by a stronger dollar ahead of the closely-watched U.S. non-farm payrolls report due later in the day. Spot gold was down 0.4 percent at $1,196.21 per ounce at 0727 GMT, after touching $1,195.85 earlier in the session, its weakest since Jan. 31.
The yellow metal has shed over 3 percent so far this week in what could be its biggest percentage decline since the week ended Nov. 11, 2016. U.S. gold futures fell 0.6 percent to $1,196.1. The dollar firmed to six-week highs against the yen as investors awaited U.S. jobs data that is likely to reinforce expectations of a Federal Reserve rate hike next week. The dollar index was up 0.1 percent at 101.93.
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