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2018.03.1201:08:00UTC+00Gold Prices Steady as Rate Hike Worries Ease

Gold prices were steady on Monday as the U.S. dollar slipped, with the latest U.S. jobs report easing fears of inflation and quicker pace of U.S. rate hikes.

Spot gold was flat at $1,323.07 per ounce.

U.S. gold futures for April delivery were little changed at $1,323.70 per ounce.

The dollar index against a basket of currencies fell 0.1 percent to 90.038.

Inflation worries faded after U.S. data on Friday showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 percent after a spike in January.

Money market traders stuck to bets that the U.S. Federal Reserve would raise interest rates three times this year, with only around a one-in-four chance seen for a fourth rate hike in

2018.

Inflation concerns generally boost gold, which is seen as a safe-haven against rising prices. Expectations the Fed could hike interest rates to fight inflation make gold less attractive because it is not interest-yielding.

Speculators increased their net long position in gold by 4,178 contracts to 161,812 contracts, Commodity Futures Trading Commission (CFTC) data showed.

Gold miner Newcrest Mining Ltd said its fiscal 2018 guidance would be adversely affected by the closure of its flagship mine following damages to a tailings dam wall.

Among other precious metals, silver dropped 0.1 percent to $16.58 per ounce. Palladium was down 0.1 percent at $994.72 per ounce, while platinum was flat at $964.50 per ounce.

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