2017.01.0308:42:00UTC+00Gold Holds Near $1150 To Start New Year

Gold futures were steady Tuesday morning, unable to extend a late-year rally on the first trading day of 2017.

A stronger dollar prevented gold from rising any further, but analysts say gold prices can shoot higher if the U.S. jobs report is disappointing later this week.

Lackluster economic data could prevent the Federal Reserve from raising interest rates until later this year.

Gold for February was down $1.40 at $1150 an ounce.

On the economic front, the Purchasing Managers' Manufacturing Index for December will be released at 9.45 am ET. In the previous month the index was at 54.1.

Institute for Supply Management's Manufacturing Index for December is scheduled at 10 am ET. The economists are looking for 53.8, slightly up from 53.2 last month.