Gold was little changed in Asia as a gain in the value of the U.S. dollar against the Japanese yen reduced
Gold was little changed in Asia as a gain in the value of the U.S. dollar against the Japanese yen reduced the appeal of the precious metal as an alternative investment .
Gold often moves in the opposite direction of the dollar, which rose against the yen after a U.S. government report showed higher-than-expected employment in February, further reducing speculation that the Federal Reserve will cut its benchmark interest rate any time soon.
Gold for immediate delivery fell as much as 12 cents to $649.50 an ounce and was little changed at $650.45 at 11:01 a.m. Singapore time. It declined $1.52 on March 9. In Japan, gold for delivery in February 2008 rose 14 yen to 2,498 a gram ($657) on the Tokyo commodity Exchange at the close of the morning session, Bloomberg reported/