Gold hits 4-week low the dollar trending higher

Gold prices fell to their lowest level in more than four weeks today, Monday, as the dollar stabilized after stronger-than-expected jobs data raised fears that the Federal Reserve (the US central bank) would continue to raise interest rates.

According to Reuters, there was little change in the gold price at $1,865.88 an ounce by 0045 GMT, after it reached its lowest level since January 6 earlier in the session.

US gold futures rose 0.2 percent to $1,879.40

The dollar index rose 0.2 percent, making gold less attractive to buyers holding other currencies.

Data on Friday showed job growth in the United States accelerated sharply last month, with non-farm payrolls rising by 517,000 jobs, well above an estimate of 185,000. The unemployment rate fell to 3.4 percent, its lowest level in 53 and a half years

As for other precious metals, the price of silver in spot transactions fell 0.5 percent to 22.24 dollars an ounce, and platinum fell 0.1 percent to 973.04 dollars, and palladium fell 0.5 percent to 1616.54 dollars.