Gold resumed its drop for a second straight session as the dollar traded higher and on selling pressure after hitting nine-week high.
The precious metal fell to a low of $1110.01 an ounce, while currently trading around 1100.82, compared to the session’s opening at $1103.68.
The yellow metal rose earlier today on tumble in Asian shares, amid persisting worries from China, but the rise in the dollar pushed the metal lower.
The Shanghai Composite Index sagged 5.53 percent to end the session at 3,016.70, while Hong Kong Hang Seng Index plummeted 2.76 percent to close at 19,888.50.
The U.S. dollar rose against a basket of major currencies to hover around 98.65, compared to the session’s opening at 98.29.
The dollar’s rebound dented the appeal of gold as an alternative investment, where the metal faced some selling pressure after hitting a nine-week high of $1112.77.
U.S. nonfarm payrolls showed a job gain of 292,000 in December, from an upwardly revised of 252,000 in November, while unemployment rate remained at 5.0 percent, the lowest in a 7-1/2-years.
The upbeat data raised expectations the Federal Reserve would continue hiking rates smoothly this year, denting the appeal of the non-interest gold.
Crude oil extended its losses for a sixth straight session to trade around $32.70 a barrel, the lowest level in 12 years.
