Gold: Four-Month Low Record

Gold hit a four-month low point Friday after the dollar soared following a positive US jobs data, but the metal rebounded when the price went below $850 an ounce and attracted fresh buyers.

Gold fell as low as $845 an ounce before rising to a high of $856.60. It was quoted at $853.90/ 854.90 against $850.25/851.65 in New York late on Thursday.

“People are perhaps looking elsewhere, such as equities. It seems gold is not the flavor of the day.” Gold held in New York-listed StreetTRACKS Gold Shares, the world’s largest gold-backed exchange-traded fund, fell to 580.45 tones as of Wednesday, shedding nearly 10 percent of its holdings in the last 10 days.

In other markets, US gold futures rose, with the June contract rising $2.20 an ounce to $853.10. Platinum rose to $1,870/1,880 an ounce from $1,860.50/1,880.50 late on Thursday, while palladium was up $2 at $408/413 an ounce. Silver rose to 16.24/16.30 an ounce from $16.16/16.22.