| Following a precipitous drop in the gold price on Friday, UBS has lowered its price target for the yellow metal, and it isn’t the only firm seeing additional pressure for gold. Although the gold price rose every so slightly during Monday trading hours, it remained around $1,168 per ounce, or 3 percent lower than where it sat prior to the release of the latest round of US jobs data on Friday.
The US released better-than-expected numbers for the month of February, prompting some to believe that the Federal Reserve may raise interest rates sooner than expected. “[G]ood US economic figures led market participants to expect the Fed to raise interest rates, which triggered the gold price slide,” states Commerzbank in a recent note...............................................Full Article: Source
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