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Under Pressure from Positive News, Today's Gold Price Drops to US $ 1,510

Today's gold price (1/11) fell slightly due to better than expected United States (US) employment figures, although it slowed down. And, strong industry data through China strengthened sentiment for risk assets.

Referring to Bloomberg at 22.49 WIB, today's gold price in the spot market fell 0.17% to US $ 1,510.32 per ounce troi. While the price of US gold futures fell 0.1% to US $ 1,513.30 per ounce troi.
"For now, gold is under pressure with positive economic news. It will fight in several directions," Mitsubishi Analyst Jonathan Butler told Reuters.

"From here, it is difficult to see what is the main factor for the rise in gold aside from a number of geopolitical events, with the Federal Reserve sufficiently maintaining interest rates for now," he said.
US job growth slowed in October. The Fed is cutting interest rates for the third time this year, but suggests there will be no further reduction unless the economy worsens.

The stock market also got a boost from slowing US employment data and Chinese factory activity which increased at the fastest pace in more than two years.

Also raising sentiment for risk assets was a statement by US President Donald Trump that said Washington and Beijing would soon announce a new venue for the signing of a phase one trade agreement, after protests in Chile canceled an APEC summit this month.

"Although it is still above US $ 1,500, it is difficult to build sentiment for a sustained bullish recovery at this time, because the precious metal remains sensitive to the headlines," MKS PAMP said in a note.

Price: The clerk showed the gold bars at the Emas (gold) Logam Mulia Boutique Mall Ambasador, Jakarta
Price: The clerk showed the gold bars at the Emas (gold) Logam Mulia Boutique Mall Ambasador, Jakarta