Very unpredictable looking for significant Levels Penitential sniper Zone illustrated in Chart
Investing.com - Gold prices took a nosedive in U.S. trading on Friday as investors snapped up dollar positions ahead of a Group of Seven meeting of finance ministers and central bankers taking place in the U.K. this weekend.
Uncertainty over policy stances on stimulus tools, which weaken paper currencies to spur recovery, bolstered the dollar's safe-haven appeal.
Gold and the dollar traditionally trade inversely from one another.
A surging dollar sent gold falling, especially on uncertainty as to when the Federal Reserve will wind down stimulus programs.
The Fed is currently running a USD85 billion monthly asset-purchasing program, which weakens the greenback to spur recovery.
Better-than-expected jobless claims released on Thursday also bolstered the dollar's appeal.
The Department of Labor reported Thursday that the number of individuals filing for initial jobless claims in the U.S. last week fell by 4,000 to 323,000, defying expectations for an increase of 8,000 to 335,000.
Last week, the Bureau of Labor Statistics reported that U.S. economy added 165,000 nonfarm payrolls in April, up from 138,000 in March, whose figure was revised up from 88,000.
Elsewhere on the Comex, silver for July delivery was down 1.16% at USD23.633 a troy ounce, while copper for July delivery was up 0.40% and trading at USD3.354 a pound.
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