Gold declines before US jobs data as Portugal concerns base

Gold today declined on speculation that a political rift in Portugal will be resolved today and as investors awaited US jobs data that may provide clues to the Federal Reserve's plans to taper stimulus.

Also Read: Expect mixed trend in gold, silver: Angel Commodities

Gold fell by 0.2 percent to USD 1,250.37 an ounce. Prices rose 0.8 percent yesterday after slumping to USD 1,180.50 on June 28, the lowest since August 2010. Silver also lost 0.9 percent to USD 19.59 an ounce. Data may show US employers added more jobs last month.

US markets are shut today for Independence Day.

The yield on Portuguese benchmark bonds dropped from the highest since November before Paulo Portas, the minister whose resignation this week threatened to bring down the government, meets Prime Minister Pedro Passos Coelho to try to overcome differences on budget policy.

Bullion declined 23 percent in the second quarter as US Federal Reserve Chairman Ben S. Bernanke said that the central bank may slow its asset purchases this year if the economy continues to improve. The European Central Bank and the Bank of England will announce their monthly policy decisions later today.

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