This week ends with the jobs report, but other notable reports will be coming across the next few days including car sales, initial jobless claims and the ADP jobs number.Last week, gold futures was down about 3%, closing Friday below $1,300 an ounce as some upbeat economic data helped draw investors back to equities and away from the perceived safe have.
There could be more downside, with his average gold price forecast of $1,180 an ounce in the second quarter.
The positive news is that if the gold price falls far enough, Asia demand will improve and should, as it did last year, provide some support on the downside,however, until U.S. monetary policy has normalized, gold rallies will be short-lived
In metals trading, April platinum gained $13.90, or 1%, to $1,418.60 an ounce while June palladium tacked on $1.15 to $774.85 an ounce. High-grade copper for May delivery slipped 1 cent to $3.03 a pound.