Gold prices fall as the US churns out solid economic data

 
Courtney Goldsmith
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Gold prices fell on the back of strong US economic data today
Gold prices fell on the back of strong US economic data today (Source: Getty)

Strong economic data from the US has pushed gold prices lower today.

The safe haven asset is currently down 0.58 per cent to $1,204.40 per ounce, recovering slightly from a low of $1,200.60 per ounce. The spot price took a hit of 0.41 per cent at $1,205.76.

The yellow metal's falling price came as the US recorded stronger than expected economic data today. The private sector jobs market stormed ahead of economists' expectations and the manufacturing sector showed it's on the rebound with solid factory growth.

The dollar also levelled out today after its worst January in three decades, according to Reuters. It edged up 0.15 per cent in Asian and European trading.

Later today, the US Federal Reserve's Open Market Committee will announce its decision on whether or not to keep the interest rate unchanged.

Earlier this week, gold shot up after US President Donald Trump fired attorney general Sally Yates as investors looked for certainty.

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