US jobs report and BoE rate cut in the news
as news of a resurgent US economy spread. Gold dropped below its key $1,350 per ounce level by as much as $25, down $15 for the week. It is now trading at $1,335 per ounce. More importantly, the US dollar gained traction as news of a strong US economy brought the dollar bulls out to play. The US dollar index is now at 96.24 for a gain of 0.05% on the day. The USD/GBP gained 0.3147% and is now 0.765, while the USD/EUR gained 0.4007% and is now at 0.902, inching towards parity.