Precious Metals – Gold eases due to the advance of stocks after strong employment data in the US

Poor Sumita Lake

(Reuters) – Gold prices fell on Monday, on a shallow trading day due to the Easter holiday, as strong US employment data boosted hopes for a rapid economic recovery and global stock markets, making metal bullion less attractive.

– At 0919 GMT, spot gold fell 0.3% to $ 1724.50 an ounce, while gold futures fell 0.2% to $ 1725.20 an ounce.

Han Tan, an analyst at FXTM Markets, said that the excellent March nonfarm payroll report, released on Friday, increases optimism about the US economic recovery, boosting risk appetite and reducing demand for bullion.

“If hard data continues to support more risk-taking activities in the markets, traditional havens are likely to suffer from a favorable tide of risk,” he said.

* In the other precious metals, silver was down 0.9% to $ 24.75 an ounce. Palladium fell 0.7% to $ 2,646.62. Platinum fell 0.4% to $ 1,204.93 after hitting its highest since March 18th earlier in the session at $ 1,218.

(Edited in Spanish by Carlos Serrano)