Gold decline as US Jobs data back stimulus reduction

London, Mar 10. Gold today declined as US jobs data backed the case for the Federal Reserve to keep reducing stimulus. Gold fell by 0.3 per cent to USD 1,335.94 an ounce. It reached USD 1,354.87 on March 3, the highest since October 30. Silver also fell 0.2 per cent to USD 20.89 an ounce, after reaching 20.61 an ounce, the lowest since February 14. Gold posted a fifth weekly gain last week as tension between Ukraine and Russia escalated, boosting demand for a haven. Pro-Russian forces advanced in the Crimean peninsula, ignoring Western calls to halt a military takeover before the region holds a referendum on separation. Bullion rose 11 per cent this year, rebounding from the biggest annual drop since 1981, even as the Fed announced a USD 10 billion reduction to bond buying at each of its past two meetings, leaving purchases at USD 65 billion. Fed Philadelphia President Charles Plosser said the pace of stimulus reduction is likely to be maintained. US employers added 175,000 workers last month, compared with 149,000 forecast in a Bloomberg survey.