Gold had risen nearly 10%
Gold prices are down $22 to $1176 in the largest one-day fall in two weeks. The precious metal was the darling of the markets in January as it rose nearly 10% in the first few weeks of the year. But all those gains have now been erased and gold is trading slightly lower on the year.
What's important next is the Fed. The Eurodollar market priced in half an additional rate hike out to the end of 2016 after the data.
The overall picture for gold isn't as bad as it seems. Priced in non-US dollar currencies, gold has still been a very good trade this year. Priced in euros, gold is up 11.37% ytd while gold in JPY and GBP is holding on to much-small gains.
Gold priced in EUR:
