Gold price ticks lower on stronger dollar ahead of jobs data

New York (July 7)  Gold ticked lower on Friday as a stronger U.S. dollar and higher yields weighed on the market ahead of U.S. jobs data later in the day that could give more clues about further rate increases.

"Both nominal and real rates have been ticking higher and that's been putting gold under pressure," said UBS precious metals strategist Joni Teves."But we think gold should be supported overall so we do see value around these levels."

UBS has a three-month price target of $1,300.

Gold has shed about 6 percent since touching a seven-month peak of $1,295.97 on June 6.

Spot gold edged down 0.3 percent to $1,221.06 per ounce by 1036 GMT. It has dropped 1.6 percent this week and is set for its biggest weekly fall since the week of May 5.

Reuters